South Carolina § 38-5-60 - Qualifications to become an approved reinsurer.
Full text of South Carolina South Carolina Code of Laws § 38-5-60 — Qualifications to become an approved reinsurer., with citation guidance and answers to common questions.
§ 38-5-60. Qualifications to become an approved reinsurer.
For purposes of calculating deductions for reserves, insurers not licensed in this State may be approved as reinsurers by the director or his designee for an indefinite term only if:
(1) Upon initial application a fee of four hundred dollars is enclosed, and, every two years after that time, a fee of four hundred dollars is paid by March first.
(2) There is filed with the department a power of attorney approved as to form by the director or his designee and authorizing the director to accept service of process in behalf of the reinsurer.
(3) There is filed with the department the reinsurer's annual statement and the reinsurer's most recent report of examination, and after that time each annual statement and report of examination is filed.
(4) The reinsurer meets the capital and surplus requirements of South Carolina law with respect to the lines to be reinsured.
HISTORY: Former 1976 Code SECTION 38-5-60 [1947 (45) 322; 1952 Code SECTION 37-103; 1962 Code SECTION 37-103] recodified as SECTION 38-5-80 and SECTION 38-5-90 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-5-770 [1947 (45) 322; 1948 (45) 1734; 1949 (46) 600; 1958 (50) 1608; 1960 (51) 1554; 1962 Code SECTION 37-188; 1964 (53) 1835; 1964 (53) 1835; 1969 (56) 210; 1975 (59) 182; 1978 Act No. 601; 1979 Act No. 18; 1982 Act No. 373] recodified as SECTION 38-5-60 by 1987 Act No. 155, SECTION 1; 1992 Act No. 501, Part II SECTION 11C; 1993 Act No. 181, SECTION 533.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 38-5-60
What does South Carolina Code of Laws § 38-5-60 cover?
Section 38-5-60 ("Qualifications to become an approved reinsurer.") 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 § 38-5-60?
A common citation format is "South Carolina Code of Laws § 38-5-60" (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 § 38-5-60 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.