South Carolina Code of Regulations
Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION
Article 15 - SELF-INSURANCE
Section 67-1503 - Proof of Compliance, Excess Insurance

Universal Citation: SC Code Regs 67-1503

Current through Register Vol. 48, No. 9, September 27, 2024

A. 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.

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