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South Carolina Insurance (SC)

The South Carolina Department of Insurance licenses and supervises the insurance companies doing business in the state. Most of these represent national insurance organizations. In 2001, 3.6 million ordinary life insurance policies worth $134.8 billion were in force in South Carolina; total value for all categories of life insurance (ordinary, group, industrial, and credit) was $223.6 billion. Death benefits paid that year totaled $711.8 million. As of 2000, there were 26 property and casualty and 14 life and health insurance companies incorporated or organized in the state. In 2001, property and casualty insurers wrote over $5.2 billion in premiums. That year, there were 133,039 flood insurance policies in force in the state, with a total value of $22.6 million. There were also 16,322 beach and windstorm insurance policies against hurricane and other windstorm damage in force, with a total value of $4.0 million.

A tort system of automobile insurance is in effect.