South Carolina § 38-19-440 Assessments for deficiencies.

South Carolina Statutes

§ 38-19-440 — Assessments for deficiencies.

South Carolina·Title 38 INSURANCE·Ch. 19 DOMESTIC MUTUAL INSURERS

If at any time the surplus of a domestic mutual insurer is less than the amount required by this title and the deficiency is not cured from other sources, its directors may with the approval of the director or his designee make an assessment on its members who, at any time within the twelve months immediately preceding the date the assessment was authorized by the directors, held policies providing for contingent liability. The director or his designee may refuse to approve the assessment if in his judgment refusal will best promote the interests of the insurer's members and creditors and of the insuring public.

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If at any time the surplus of a domestic mutual insurer is less than the amount required by this title and the deficiency is not cured from other sources, its directors may with the approval of the director or his designee make an assessment on its members who, at any time within the twelve months immediately preceding the date the assessment was authorized by the directors, held policies providing for contingent liability. The director or his designee may refuse to approve the assessment if in his judgment refusal will best promote the interests of the insurer's members and creditors and of the insuring public.

South Carolina § 38-19-440 (Assessments for deficiencies.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: Former 1976 Code SECTION 38-11-640 [1947 (45) 322; 1952 Code SECTION 37-404; 1962 Code SECTION 37-404] recodified as SECTION 38-19-440 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 553.