S.C. Code Ann. Regs. 67-1502 – Self-Insurance, Granting the Privilege and Providing Proof of Compliance.

A. Each application in R.67-1501 is reviewed by the Commission’s Self-Insurance Division. The Commission may approve an application contingent on the applicant’s filing the proper forms and documents evidencing proof of compliance.
1. (1) Proof of compliance consists of the following documents filed with the Self-Insurance Division.
  1. (a) A copy of the excess insurance policy according to R.67-1503; and
  2. (b) A Form 8, Proof of Compliance, Surety Bond, or a Form 8A, Proof of Compliance, Securities Pledge, or a Form 8B, Proof of Compliance, Memorandum of Understanding and Irrevocable Letter of Credit; and
  3. (c) Proof of a reserve account, if applicable, according to R.67-1504; and
  4. (d) Compliance with the terms and conditions for approval of the self-insurance program as ordered by the Commission.
2. (2) Commercial insurance must be continued until the forms as provided above are filed with the Commission’s Self-Insurance Division and until the effective date of the self-insurance program as provided on the Form 9, Certificate for Self-Insurance.
B. The Self-Insurance Division notifies the applicant in writing of its recommendation to the Commission and the terms of the Commission’s contingent approval, if any.
1. (1) The forms evidencing proof of compliance shall be filed at least sixty days from the date of the Commission’s contingent approval.
2. (2) Failure to file proof of compliance provided in A above shall result in the administrative recision of the Commission’s approval. The applicant may refile its application according to R.67-1501.
3. (3) The applicant may make a written request to the Self-Insurance Division for a sixty day extension of time to file the forms and documents evidencing compliance.
4. (4) Each form and document evidencing compliance shall be filed no later than one hundred twenty days from the date of the Commission’s contingent approval.
5. (5) Failure to file the forms and documents evidencing proof of compliance at least one hundred twenty days from the date of contingent approval shall result in the administrative rescission of approval. The applicant may refile its application according to R.67-1501.