Bulletin 2010-11 Bail Bond Premium Reporting

TO: FROM. SUBJECT: DATE: South Carolina Department of Insurance Capitol Center 1201 Main Street, Suite 1000 Columbia, S.C. 29201 Mailing Address: P.O. Box 100105, Columbia, S.C. 29202-3105 Telephone: (803) 737-6160 BULLETIN 2010-11 Writing Bail Bond Premiums in South Carolina Scott H. Richardson, CPCU Director Bail Bond Premiums Reporting October 1 2010 MARK SANFORD Governor SCOTT H. RICHARDSON Director of Insurance The South Carolina Department of Insurance (Department) finds that a significant portion of bail bond premiums is retained by the licensed bail bond agents or licensed managing general agents. For purposes of reporting in financial statements required to be filed with the Department pursuant to S.C. Code Ann. § 38-13-80 (2008), insurers writing bail bond premiums may report, in lieu of compliance with SSAP No. 53 of the Accounting Practices and Procedures Manual of the National Association of Insurance Commissioners (NAIC), direct Vflitten premiums bail bonds in this state net of any amounts retained by the licensed bail bond agents or licensed managing general agents. The insurer may also recognize the total premiums as earned on the of the bonds. this method must tile a supplemental Schedule T with state for