South Carolina Code of Regulations
Chapter 69 - DEPARTMENT OF INSURANCE
Section 69-56 - Hurricane, Named Storm or Wind/Hail Deductible
Current through Register Vol. 48, 12, December 27, 2024
Under S. C. Code Ann. Section 38-73-70 (1976), the Department of Insurance may make reasonable regulations for the enforcement of Chapter 73 entitled "Property, Casualty, Inland Marine and Surety Rates and Rate-making Organizations."
A. Purpose: The purpose of this regulation is to clarify the process for insurers, including surplus lines insurers, to inform policyholders who purchase personal and commercial property policies of the presence of a hurricane, named storm or wind/hail deductible within their policies. The Department recognizes that an insurer may choose to have separate endorsements for each of hurricane, named storm or wind/hail deductibles or may choose to combine them into one endorsement.
B. Definitions:
C. No insurer may offer a new property policy to or renew an existing policy of an insured that includes a hurricane, named storm or wind/hail deductible unless the insurer:
The language may be added to the policy by an amendatory endorsement.
D. Renewal Changes: No insurer may change a current property policy at renewal by implementing a hurricane, named storm, or wind/hail deductible or increasing the size of the hurricane, named storm or wind/hail deductible unless:
E. Regulatory Action. Any violation of this regulation may trigger penalties as set forth in S.C. Code Section 38-2-10.
F. Implementation. This regulation becomes effective upon publication in the State Register and applies to any property insurance policies issued or renewed 120 days following such publication. This regulation supersedes and replaces former regulation 69-56 originally issued in 2000.
Statutory Authority: 1976 Code Sections 38-3-110; 38-73-70; 1-23-10, et seq.