What is one of the broad objectives must be followed by the insurance industry in South Carolina?

One of the broad objectives that must be followed by the insurance industry in South Carolina is to adhere to the guidelines set forth by the General Assembly. This requirement ensures that the insurance practices within the state comply with statutory regulations and legal frameworks established by state lawmakers. By following these guidelines, the insurance industry operates within the legal parameters necessary for consumer protection, financial stability, and market integrity.

This alignment with the General Assembly helps maintain oversight and promotes fair competitive practices within the insurance sector. It also ensures that the needs of consumers are prioritized and that insurance companies act responsibly in delivering policies and coverage that align with state regulations. This foundational aspect is crucial for building trust in the insurance industry and safeguarding the interests of policyholders in South Carolina.