Investor Presentaiton
QUESTION:
Do insurance companies licensed to do business in South
Carolina, but domiciled in other states need to comply
with the Act?
Yes. The Act defines a Licensee as "a person licensed, authorized to operate,
or registered, or required to be licensed, authorized, or registered pursuant
to the insurance laws of this State but does not include a purchasing group
or a risk retention group chartered and licensed in a state other than this
State or a licensee that is acting as an assuming insurer that is domiciled in
another state or jurisdiction."
Under that definition, insurance companies domiciled in other states that are doing
business in S.C. (but that are not acting as a purchasing group or risk retention
group chartered and licensed in another state, or as an assuming insurer domiciled
in another state) are included in the definition of Licensee.View entire presentation