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Continuing Education - Adding a New Line of Authority
Continuing Education - Compliance Requirements
Continuing Education - Consequences of Failure to Comply
Continuing Education - Credit Hour & Course Information
Continuing Education - Exemptions, Extensions & Hardship Extensions
Continuing Education - Fees
Continuing Education - Filing & Compliance Deadline
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Continuing Education - Reporting Credit Hours & Compliance
Continuing Education - Requirement for Newly Licensed Producers
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Health Insurance - Small Employer Availability Act
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Individual FAQ's
Life Insurance
Long-Term Care Insurance
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Patient Protection & Affordable Care Act (PPACA)
Pharmacy Benefits Managers
Premium Service Company
SC Safe Home
Selecting Auto Insurance
Service Contract Provider
South Carolina Wind Pool
Surplus Line Taxes
Tax Credits for Fortification Measures
Third-Party Administrators
Utilization Review
Wind Pool Eligibility
Wind Pool Location
Wind Pool Policy Changes
Wind Pool Submissions
When should a new policy / policy change be recorded if it has been booked / processed but the change does not become effective until the future? What if it is effective retro-actively?
Please record a policy change as follows:
If the effective date is in the future, record based on the effective date.
If the effective date is in the past, record based on the booked / processed date.
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Wind Pool Policy Changes
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1.
When should a new policy / policy change be recorded if it has been booked / processed but the change does not become effective until the future? What if it is effective retro-actively?
Please record a policy change as follows:
If the effective date is in the future, record based on the effective date.
If the effective date is in the past, record based on the booked / processed date.
2.
How should a policy that is cancelled and then reinstated in the same month be recorded? What if it was reinstated in a following month?
Please do not record policies cancelled and then reinstated in the same month. For policies cancelled one month and then reinstated the following month, please record one cancellation in the first month and one renewal in the following month.
3.
Should a lapse be recorded as a cancellation?
No, a lapse or a cancellation due to nonpayment is considered a request to cancel from the insured and should not be included in cancellations.
4.
What should be recorded under “total policies in force”?
"Total policies in force" is meant to be the overall total number of policies in force at the end of each month. It should be evaluated at the end of the month and should be equivalent to the total policies in force at the start of the month (i.e. end of the previous month) plus adjustments due to new policies, renewals (including reinstatements), and all types of cancellations made during the month.
Please note that it is
not
the sum of new policies and renewals minus cancellations. This would imply that there were no policies in force before the date range requested in the data call, all renewals were reinstatements, and there were no cancellations made by the insured (e.g. no lapses).
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