{"data":{"id":"us-sc/s.c.-code-ann.-38-46-80","jurisdiction":"us-sc","citation":"S.C. Code Ann. § 38-46-80","heading":"Acts prohibited of reinsurance intermediary-manager.","body":"The reinsurance intermediary-manager may not:\n(1) cede retrocessions on behalf of the reinsurer, except the reinsurance intermediary-manager may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for the retrocessions. The guidelines must include a list of reinsurers with which the automatic agreements are in effect and for each reinsurer, the coverages and amounts or percentages that may be reinsured and commission schedules;\n(2) commit the reinsurer to participate in reinsurance syndicates;\n(3) appoint a licensed producer without assuring that the licensed producer is licensed lawfully to transact the type of reinsurance for which he is appointed;\n(4) without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds fifty thousand dollars or one percent of the reinsurer's policyholder's surplus as of December thirty-first of the last completed calendar year, whichever is less;\n(5) collect payment from a retrocessionaire or commit the reinsurer to a claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report must be forwarded to the reinsurer within ten days;\n(6) jointly employ an individual who is employed by the reinsurer unless the reinsurance intermediary-manager is under common control with the reinsurer subject to the Insurance Holding Company Regulatory Act;\n(7) appoint a reinsurance intermediary-submanager.","path":["Title 38 - INSURANCE","CHAPTER 46 Reinsurance Intermediary Act"],"source_url":"https://www.scstatehouse.gov/code/t38c046.php","current_through":"2025 Session of the General Assembly","vintage":"","retrieved_at":"2026-09-02T07:13:24Z","sha256":"d581d2d75c8ec4404b96f3032782ce44ff0d67abf227fd251cc5e2a74a2cda5e","source_id":"us-sc","stale":false,"prev":"us-sc/s.c.-code-ann.-38-46-70","next":"us-sc/s.c.-code-ann.-38-46-90"},"notice":"GroundRules: Original legal text. Not legal advice."}