§ 58-47-95. Excess insurance and reinsurance.
§58‑47‑95. Excess insurance and reinsurance.
(a) Each group, on orbefore its effective date of operation and on a continuing basis thereafter,shall maintain specific and aggregate excess loss coverage through an insurancepolicy or reinsurance contract. Groups shall maintain limits and retentionscommensurate with their exposures. A group's retention shall be the lowestretention suitable for groups with similar exposures and annual premium. TheCommissioner may require different levels, or waive the requirement, ofspecific and aggregate excess loss coverage consistent with the marketavailability of excess loss coverage, the group's claims experience, and thegroup's financial condition.
(b) Any excessinsurance policy or reinsurance contract under this section shall be issued bya licensed insurance company, an approved surplus lines insurance company, oran accredited reinsurer, and shall:
(1) Provide for at least30 days' written notice of cancellation by certified mail, return receiptrequested, to the group and to the Commissioner.
(2) Be renewableautomatically at its expiration, except upon 30 days' written notice ofnonrenewal by certified mail, return receipt requested, to the group and to theCommissioner.
(c) Every group shallprovide to the Commissioner evidence of its excess insurance or reinsurancecoverage, and any amendments, within 30 days after their effective dates. Everygroup shall, at the request of the Commissioner, furnish copies of any excessinsurance policies or reinsurance contracts and any amendments. (1997‑362,s. 3.)