South Carolina § 38-17-150 - Annual report of business.

§ 38-17-150. Annual report of business.

Each attorney shall annually make and file by March first with the department a sworn statement, upon a form to be prescribed and furnished by the director or his designee, showing that the financial condition of affairs at the office where the reciprocal or interinsurance contracts are issued is in accordance with the standard of solvency provided for in this chapter and stating:

(1) the amount of all premiums or deposits collected from subscribers in this State during the previous calendar year;

(2) the amounts actually paid subscribers on losses;

(3) the total amounts returned to subscribers as savings and the amounts retained for expenses;

(4) the amount of insurance reinsured in other insurers licensed in this State, naming them and the amount of premiums paid;

(5) the amount of insurance reinsured in insurers not licensed in this State, naming them and the amount of premiums paid; and

(6) the amount of reinsurance accepted from admitted companies and the premiums received for that reinsurance on risks located in this State, with the names of the insurers so reinsured.

However, the attorney may not be required to furnish the names and addresses of any subscribers.

HISTORY: Former 1976 Code SECTION 38-17-150 [1962 Code SECTION 37-576; 1972 (57) 2776] recodified as SECTION 38-29-150 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-45-150 [1947 (45) 322; 1952 Code SECTION 37-815; 1962 Code SECTION 37-815] recodified as SECTION 38-17-150 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 549.