Who assesses the solvency of insurers in South Carolina?

The Department of Insurance is responsible for assessing the solvency of insurers in South Carolina. This function is critical because the solvency of an insurance company is essential for ensuring that it can fulfill its obligations to policyholders. The Department of Insurance conducts regular financial examinations and reviews the financial health of insurers to ensure they maintain adequate reserves and surplus to meet future claims. By performing these assessments, the department helps protect consumers and promotes stability within the insurance market in South Carolina.

The other entities listed do not have the primary role of assessing insurer solvency within the state. The National Insurance Board, for instance, may provide oversight on a larger scale but does not specifically assess individual state insurers. The Guaranty Association helps protect policyholders in the case of an insurer's insolvency but does not perform solvency assessments itself. Individual state brokers focus on facilitating transactions rather than evaluating the financial health of the insurance providers they represent.