There is a newer version
of
this Section
2017 South Carolina Code of Laws
Title 38 - Insurance
CHAPTER 13 - EXAMINATIONS, INVESTIGATIONS, RECORDS, AND REPORTS
Section 38-13-890. Penalties.
Universal Citation: SC Code § 38-13-890 (2017)
Section effective January 1, 2018.
An insurer who, without just cause, fails to timely file the ORSA Summary Report shall, after notice and hearing, pay a penalty of one thousand dollars for each day's delay, to be recovered by the director. The penalty funds recovered must be paid into the General Revenue Fund of this State. The maximum penalty under this section is thirty thousand dollars. The director may reduce the penalty if the insurer demonstrates to the director that the imposition of the penalty would constitute a financial hardship to the insurer.
HISTORY: 2017 Act No. 48 (S.254), Section 1, eff January 1, 2018.
Disclaimer: These codes may not be the most recent version. South Carolina may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
