Every insurer doing business in this State shall maintain a record of losses paid under its policies and notices as provided in its policies which may normally result in claim or loss. The records must be maintained until the next regular examination by an insurance department or for a period of five years from the date of payment of the loss or receipt of the notice. HISTORY: Former 1976 Code Section 38-13-130 [1947 (45) 322; 1952 Code Section 37-613; 1962 Code Section 37-613] recodified as Section 38-15-100 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-5-1340 [1956 (49) 1740; 1962 Code Section 37-290.1] recodified as Section 38-13-130 by 1987 Act No. 155, Section 1; 1988 Act No. 357, Section 3; 1993 Act No. 181, Section 537.
South Carolina Legal Code