How often must every insurer licensed in the state submit to an examination of their books and records?

In South Carolina, insurers are required to submit to an examination of their books and records at least every five years. This process is essential for maintaining regulatory oversight and ensuring that the insurer is operating in compliance with state laws and regulations. Regular examinations help to assess the insurer's financial health, verify that they are meeting their obligations to policyholders, and ensure they are managing their risks effectively.

While annual or more frequent examinations are not typical requirements for all insurers, the five-year timeframe strikes a balance between allowing insurers adequate time to operate while still providing sufficient oversight to protect policyholders and the insurance market's integrity. This routine examination helps support consumer confidence in the insurance industry and promotes sound financial practices among insurers.