# S.C. Code Ann. § 38-5-60: SECTION 38-5-60. Qualifications to become an approved reinsurer

> South Carolina · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C5_S38-5-60

## Section

- **Citation:** S.C. Code Ann. § 38-5-60
- **Heading:** SECTION 38-5-60. Qualifications to become an approved reinsurer
- **Jurisdiction:** South Carolina
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** SC Code / Title 38 / Chapter 5 / Section 38-5-60

## Text

For purposes of calculating deductions for reserves, insurers not licensed in this State may be approved as reinsurers by the director or his designee for an indefinite term only if: (1) Upon initial application a fee of four hundred dollars is enclosed, and, every two years after that time, a fee of four hundred dollars is paid by March first. (2) There is filed with the department a power of attorney approved as to form by the director or his designee and authorizing the director to accept service of process in behalf of the reinsurer. (3) There is filed with the department the reinsurer's annual statement and the reinsurer's most recent report of examination, and after that time each annual statement and report of examination is filed. (4) The reinsurer meets the capital and surplus requirements of South Carolina law with respect to the lines to be reinsured.

## Nearby sections

- [S.C. Code Ann. § 38-5-10 SECTION 38-5-10. Insurers must be licensed and supervised; exceptions.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C5_S38-5-10.md)
- [S.C. Code Ann. § 38-5-20 SECTION 38-5-20. Certain charitable, religious, and other corporations authorized to issue annuities or pay lump-sum benefits without being subject to insurance laws.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C5_S38-5-20.md)
- [S.C. Code Ann. § 38-5-30 SECTION 38-5-30. Kinds of insurance for which an insurer may be licensed.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C5_S38-5-30.md)
- [S.C. Code Ann. § 38-5-40 SECTION 38-5-40. Kinds of insurance for which life insurer may be licensed.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C5_S38-5-40.md)
- [S.C. Code Ann. § 38-5-50 SECTION 38-5-50. Certain insurers may not be licensed to write life insurance.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C5_S38-5-50.md)
- [S.C. Code Ann. § 38-5-60 SECTION 38-5-60. Qualifications to become an approved reinsurer.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C5_S38-5-60.md)
- [S.C. Code Ann. § 38-5-70 SECTION 38-5-70. Appointment of director as attorney for service of process.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C5_S38-5-70.md)
- [S.C. Code Ann. § 38-5-80 SECTION 38-5-80. Additional requirements for issuance of certificate or license to domestic insurer; grounds for revocation or suspension of license.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C5_S38-5-80.md)
- [S.C. Code Ann. § 38-5-90 SECTION 38-5-90. Additional requirements for issuance of certificate or license to foreign or alien insurer; grounds for revocation or suspension of license.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C5_S38-5-90.md)
- [S.C. Code Ann. § 38-5-100 SECTION 38-5-100. Foreign or alien insurers with names identical with or similar to others not qualified.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C5_S38-5-100.md)
- [S.C. Code Ann. § 38-5-110 SECTION 38-5-110. Approval of charters or amendments of charter.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C5_S38-5-110.md)
- [S.C. Code Ann. § 38-5-120 SECTION 38-5-120. Revocation or suspension of certificate of authority; publication of notice; hearing.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C5_S38-5-120.md)
- [S.C. Code Ann. § 38-5-130 SECTION 38-5-130. Monetary penalty in lieu of license revocation or suspension.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C5_S38-5-130.md)
- [S.C. Code Ann. § 38-5-140 SECTION 38-5-140. Opportunity for hearing.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C5_S38-5-140.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C5_S38-5-60. Check the current official text before relying on it. Not legal advice.