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Legislation from Collaboration

South Carolina on Track with Property Insurance Through Market-Based Approach

By Scott H. Richardson, South Carolina Director of Insurance

South Carolina, like many other states with coastal exposure, has experienced and continues to experience challenges regarding the availability and affordability of coastal property insurance. To address these issues, South Carolina enacted the Omnibus Coastal Act of 2007 on June 11. The Act provides a comprehensive market-based approach and is the result of a collaborative effort involving Gov. Mark Sanford, members of the South Carolina General Assembly, the South Carolina Department of Revenue, homebuilders, realtors, the manufactured housing industry, independent insurance agents, the South Carolina Wind and Hail Underwriting Association, and members of the insurance industry.

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Founded in 1895, the National Association of Mutual Insurance Companies (NAMIC) is a full-service national trade association serving the property/casualty insurance industry with more than 1,400 member companies that underwrite more than 40 percent of the property/casualty insurance premium in the United States. NAMIC members are small farm mutual companies, state and regional insurance companies, risk retention groups, national writers, reinsurance companies, and international insurance giants. Together, we are NAMIC.

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