South Carolina Statutes
§ 38-19-620 — Loans may not be part of legal liabilities but must be reflected in financial statements.
South Carolina § 38-19-620
This text of South Carolina § 38-19-620 (Loans may not be part of legal liabilities but must be reflected in financial statements.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
S.C. Code Ann. § 38-19-620 (2026).
Text
Any money so borrowed may not form a part of the insurer's legal liabilities or be the basis of any setoff but, until it is repaid, financial statements filed or published by the insurer shall show as a footnote the amount of the loan then unpaid together with interest accrued but unpaid.
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Legislative History
HISTORY: Former 1976 Code SECTION 38-11-820 [1947 (45) 322; 1952 Code SECTION 37-422; 1962 Code SECTION 37-422] recodified as SECTION 38-19-620 by 1987 Act No. 155, SECTION 1.
Nearby Sections
15
§ 38-19-10
Membership in mutual insurer.§ 38-19-1010
Fire and storm insurance; suits; seals.§ 38-19-1020
Directors and officers; regulations.§ 38-19-1030
Liability of members; property pledged; lien.§ 38-19-1050
Limit of amount insurance.§ 38-19-1110
Authorization to reorganize.§ 38-19-1120
Transition to domestic mutual insurance holding company system; membership interests of policyholders.§ 38-19-1130
Plan of reorganization; approval; contents.§ 38-19-1150
Policyholder meeting to vote on plan.§ 38-19-1180
Dividends and distributions; effect of adoption or implementation of plan of reorganization.§ 38-19-1190
Demutualization.Cite This Page — Counsel Stack
Bluebook (online)
South Carolina § 38-19-620, Counsel Stack Legal Research, https://law.counselstack.com/statute/sc/19/38-19-620.