S.C. Code Regs. § § 90-006
Current through Register Vol. 48, No. 11, November 22, 2024
Section 90-006 - Types of TransactionsA. Insurers will report the following types of transactions: (1) All mid-term non-pay cancellations.(2) All mid term cancellations where an insured requests cancellation of the policy before the policy has expired.(a) The following instances in this category DO NOT need to be reported: (1) The insured produces satisfactory proof from the Department that he has sold or otherwise disposed of the insured vehicle or surrendered its tags and registration;(2) The insured has secured another policy that meets the financial responsibility requirements prescribed in the law;(3) The insured has sold a vehicle previously covered and is switching coverage to a newly purchased vehicle (Drop/Add transaction) (3) All non-renewals for underwriting reasons by the insurer.(4) All FR4a compliance transactions for new/renewed policies that have been added/reinstated in response to FR-4 notices (Compliance Reporting).B. The following transactions may be reported by insurers, but only over the web: (3) Cancel Vehicle from SR 22 FilingC. Only the following types of transactions may be reported by agencies: (1) All FR4a compliance transactions for new/renewed policies that have been added/reinstated in response to FR-4 notices (Compliance Reporting).Added by State Register Volume 29, Issue No. 6, eff June 24, 2005.