Current through Register Vol. 48, No. 11, November 22, 2024
Section 67-1503 - Proof of Compliance, Excess InsuranceA. Each self-insurer shall purchase specific excess insurance in an amount determined by the Commission. The Commission may also require a self-insurer to purchase aggregate excess insurance, in addition to specific excess insurance, depending on the self-insurer's financial condition, size, loss history, and exposure. The Self-Insurance Division will notify the self-insurer of the amount and type of excess insurance required.B. Provide proof of excess insurance by filing a copy of the excess insurance policy with the Self-Insurance Division.(1) The self-insurer may file an acceptable certificate of insurance, as proof of excess insurance coverage, in lieu of a policy, for the first forty-five days following approval to self-insure or a change in excess insurance carriers.(2) The applicant shall file a copy of the excess insurance policy within the period in R.67-1502B.C. The following provisions shall apply to excess insurance.(1) The excess insurance shall be issued by a carrier licensed by the South Carolina Department of Insurance.(2) The policy shall include as a named insured each subsidiary company in a parent company's self-insurance program, if any.(3) The excess insurance policy shall include an endorsement that cancellation shall not be effective until after sixty days written notice to the Commission's Self-Insurance Division.(4) Excess insurance shall be deemed continuous.(5) Excess insurance may be cancelled only upon sixty days written notice to the Self-Insurance Division.S.C. Code Regs. § 67-1503
Amended by State Register Volume 30, Issue No. 5, eff May 26, 2006.