South Carolina § 38-13-80 - Annual statement as to business standing and financial condition.
Full text of South Carolina South Carolina Code of Laws § 38-13-80 — Annual statement as to business standing and financial condition., with citation guidance and answers to common questions.
§ 38-13-80. Annual statement as to business standing and financial condition.
(A) Every insurer must file annually with the department by March first and quarterly as required by this title, a statement showing the business standing and financial condition of the insurer on December thirty-first of the preceding year. The filing must be submitted in an electronic format acceptable to the National Association of Insurance Commissioners or in the form and detail the director, or his designee, prescribes. Upon timely written request by the chief managing agent or officer setting forth reasons why the statement cannot be filed within the time provided, the director, or his designee, may grant in writing an extension of filing time for not more than thirty days. This statement must conform substantially to the form of statement adopted by the National Association of Insurance Commissioners. Unless the director, or his designee, provides otherwise, the annual statement is to be prepared in accordance with the annual statement instructions and the Accounting Practices and Procedures Manual adopted by the National Association of Insurance Commissioners. The annual statement must be verified by at least two of its principal officers, at least one of whom prepared or supervised the preparation of the annual statement.
(B) The director or his designee may require every insurer to file quarterly reports and additional information considered necessary to enable the director or his designee to carry out his duties under this chapter. The reports and information must be furnished in the time and manner prescribed by the director or his designee.
HISTORY: Former 1976 Code SECTION 38-13-80 [1947 (45) 322; 1952 Code SECTION 37-608; 1962 Code SECTION 37-608] recodified as SECTION 38-15-60 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-5-1300 [1947 (45) 322; 1952 Code SECTION 37-293; 1962 Code SECTION 37-293; 1964 (53) 2054; 1972 (57) 2529; 1979 Act No. 25] recodified as SECTION 38-13-80 by 1987 Act No. 155, SECTION 1; 1988 Act No. 324; 1990 Act No. 367, SECTION 1; 1993 Act No. 181, SECTION 537; 2000 Act No. 312, SECTION 5; 2022 Act No. 195 (H.4832), SECTION 5, eff May 16, 2022.
Effect of Amendment
2022 Act No. 195, SECTION 5, rewrote (A).
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 38-13-80
What does South Carolina Code of Laws § 38-13-80 cover?
Section 38-13-80 ("Annual statement as to business standing and financial condition.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 38-13-80?
A common citation format is "South Carolina Code of Laws § 38-13-80" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 38-13-80 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.