(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. Effect of Amendment 2022 Act No. 195, SECTION 5, rewrote (A).
‹ Prev All South Carolina sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.