S.C. Code Regs. § 67-1509
Current through Register Vol. 48, No. 07, July 26, 2024
Section 67-1509 - The Self-Insurance Program, Amendments to and Renewal ofA. The Commission may amend the self-insurance program when analysis of the program shows a significant change in the number of employees in the state, the financial condition, losses, the excess insurance program, management of funds, or in material conditions of the self-insured program. (1) The self-insurer is notified in writing of the Commission's proposed amendment.(2) If the self-insurer does not comply within a time period determined by the Self-Insurance Division, but not less than thirty days, the Self-Insurance Division may institute revocation proceedings according to R.67-1513.B. The self-insurer shall report any proposed changes to its self-insurance program to the Self-Insurance Division. (1) A change includes, but is not limited to, altering an endorsement or amending an excess insurance policy, any change to retention or limits of an excess insurance policy, any change in the carrier of a surety bond, pledged securities, or letter of credit, any change regarding a letter of credit, replacement of matured securities, or changes in the by-laws of a fund.(2) The Self-Insurance Division may administratively approve a proposed change determined not a material or substantial change to the program.(3) If a change in a self-insurance program is determined to affect the self-insurance program materially, the Self-Insurance Division may request the self-insurer to comply with the program as approved. The self-insured may request the Commission's approval of a change in the program by writing the Self-Insurance Division.(4) If the self-insurer refuses or neglects to continue a self-insurance program according to the terms approved by the Commission, the Self-Insurance Division may institute revocation proceedings according to R.67-1513.C. The self-insurer shall report a renewal of existing excess insurance policies to the Self-Insurance Division. When the renewal is with the same carrier, the self-insurer may report the change by filing an acceptable certificate of insurance. When the self-insurer changes carriers, the self-insurer shall file a copy of the policy as required in R.67-1503B(1).Amended by State Register Volume 30, Issue No. 5, eff May 26, 2006.