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Bill Number: 1154 Ratification Number: 405 Act Number 367 Introducing Body: Senate Subject: Requirements for an insurer's annual statement; filing of reports and information
(A367, R405, S1154)
AN ACT TO AMEND SECTION 38-13-80, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO AN INSURER'S ANNUAL STATEMENT AS TO ITS BUSINESS STANDING AND FINANCIAL CONDITION, SO AS TO PROVIDE ADDITIONAL REQUIREMENTS FOR THE FORM OF THE STATEMENT AND TO AUTHORIZE THE CHIEF INSURANCE COMMISSIONER TO REQUIRE THE FILING OF QUARTERLY REPORTS AND ADDITIONAL INFORMATION.
Be it enacted by the General Assembly of the State of South Carolina:
Requirements for an insurer's annual statement; filing of reports and information
SECTION 1. Section 38-13-80 of the 1976 Code is amended to read:
"Section 38-13-80. (A) Every insurer annually shall file with the commissioner by March first, in the form and detail the commissioner prescribes, a statement showing the business standing and financial condition of the insurer on December thirty-first of the preceding year, except that 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 commissioner 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 commissioner 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. The commissioner shall furnish each domestic insurer two blanks for its annual statement.
(B) The commissioner may require every insurer to file quarterly reports and additional information considered necessary to enable the commissioner to carry out his duties under this chapter. The reports and information must be furnished in the time and manner prescribed by the commissioner."
SECTION 2. This act takes effect upon approval by the Governor.
Approved the 19th day of March, 1990.