S.C. Code Regs. 67-1503. Proof of Compliance, Excess Insurance

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.