2012 South Carolina Code of Laws
Title 38 - Insurance
Chapter 90 - CAPTIVE INSURANCE COMPANIES
Section 38-90-820 - Definitions.

For purposes of this article:

(1) "Peril" means the cause of an insured loss.

(2) "South Carolina coastal captive insurance company" means a captive insurance company, as it is defined by Section 38-90-10(8), that is specifically formed to provide wind and storm surge property insurance coverage in this State.

(3) "Storm surge" means a temporary rise in sea level accompanying a hurricane or other intense storm that is associated with the hurricane's or storm's low barometric pressure and winds, and that is usually measured as the difference between the observed sea level height and the normal sea level height, such as the level that would have occurred in the absence of the storm, taking into account the predicted tide.

(4) "Wind" means windstorms, cyclones, hurricanes, tornadoes, high winds, and hail, and similar perils not normally among those covered under most property insurance policies but obtainable through the purchase of wind, wind and hail, storm or windstorm coverage, or both.

HISTORY: 2007 Act No. 78, Section 16, eff June 11, 2007, applicable to taxable years beginning after December 31, 2006.