South Carolina Statutes
§ 38-15-40 — Effect of reduction in value of bonds deposited by surety.
When the bonds required to be deposited by an insurer in Section 38-15-30 are reduced below the value of one hundred thousand dollars, except by unexpected fluctuation in value, the right of that insurer to do business in this State may be revoked or suspended.
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South Carolina § 38-15-40 (Effect of reduction in value of bonds deposited by surety.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: Former 1976 Code SECTION 38-15-40 [1960 (51) 1664; 1962 Code SECTION 37-764] recodified as SECTION 38-19-860 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-13-60 [1947 (45) 322; 1952 Code SECTION 37-606; 1962 Code SECTION 37-606] recodified as SECTION 38-15-40 by 1987 Act No. 155, SECTION 1; 1988 Act No. 386, SECTION 3.
Nearby Sections
10
§ 38-15-100
Venue for suit on bonds or obligations.§ 38-15-30
Deposit of securities required.