South Carolina § 38-9-430 - Exemptions from application of article.

§ 38-9-430. Exemptions from application of article.

The director may exempt from the application of this article:

(1) a domestic property and casualty insurer that:

(a) writes direct business only in this State;

(b) writes direct annual written premiums of two million dollars or less; and

(c) assumes no reinsurance in excess of five percent of its direct written premium; and

(2) a domestic health organization that:

(a) writes direct business only in this State;

(b) assumes no reinsurance in excess of five percent of direct premium written; and

(c) writes direct annual premiums of one million dollars or less.

HISTORY: 1996 Act No. 254, SECTION 2; 2014 Act No. 164 (S.908), SECTION 12, eff January 1, 2015.

Effect of Amendment

2014 Act No. 164, SECTION 12, rewrote the section.