South Carolina § 38-29-160 Showing certificate of contribution as asset; offset of write-off against tax liability; payment of certain refunds to State.

South Carolina Statutes

§ 38-29-160 — Showing certificate of contribution as asset; offset of write-off against tax liability; payment of certain refunds to State.

South Carolina § 38-29-160

Title 38INSURANCE

Ch. 29SOUTH CAROLINA LIFE AND ACCIDENT AND HEALTH INSURANCE GUARANTY ASSOCIATION

This text of South Carolina § 38-29-160 (Showing certificate of contribution as asset; offset of write-off against tax liability; payment of certain refunds to State.) 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. § 38-29-160 (2026).

Text

(1)Unless a longer period has been allowed by the director or his designee, a member insurer, at its option, has the right to show a certificate of contribution as an asset in the form approved by the director or his designee pursuant to Section 38-29-80(8) at percentages of the original face amount approved by the director or his designee, for calendar years as follows:

(a)one hundred percent for the calendar year of issuance;

(b)eighty percent for the first calendar year after the year of issuance;

(c)sixty percent for the second calendar year after the year of issuance;

(d)forty percent for the third calendar year after the year of issuance;

(e)twenty percent for the fourth calendar year after the year of issuance; and (f) zero percent for the fifth calendar year after the year of

Free access — add to your briefcase to read the full text and ask questions with AI

(1) Unless a longer period has been allowed by the director or his designee, a member insurer, at its option, has the right to show a certificate of contribution as an asset in the form approved by the director or his designee pursuant to Section 38-29-80(8) at percentages of the original face amount approved by the director or his designee, for calendar years as follows: (a) one hundred percent for the calendar year of issuance; (b) eighty percent for the first calendar year after the year of issuance; (c) sixty percent for the second calendar year after the year of issuance; (d) forty percent for the third calendar year after the year of issuance; (e) twenty percent for the fourth calendar year after the year of issuance; and (f) zero percent for the fifth calendar year after the year of issuance and thereafter. (2) The insurer may offset the amount written off by it in a calendar year under subsection (1) against its premium, or income, tax liability to this State accrued with respect to business transacted in that year. (3) Any sums acquired by refund, pursuant to Section 38-29-80(6), from the association which have previously been written off by contributing insurers and offset against premium (or income) taxes as provided in subsection (2) of this section and are not then needed for purposes of this chapter must be paid by the association to the department and by him deposited with the State Treasurer for credit to the general fund of this State.

Legislative History

HISTORY: Former 1976 Code SECTION 38-29-160 derived from 1962 Code SECTION 37-1414; 1971 (57) 351 recodified as SECTION 38-21-160 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-17-160 [1962 Code SECTION 37-577; 1972 (57) 2776] recodified as SECTION 38-29-160 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 631; 2020 Act No. 121 (S.580), SECTION 1.A, eff March 24, 2020. Editor's Note 2020 Act No. 121, SECTION 1.B, provides as follows: "[1.]B. The amendments made by this act do not apply to a member insurer that has been placed under an order of rehabilitation or liquidation before July 1, 2020." Effect of Amendment 2020 Act No. 121, SECTION 1.A, in (1), inserted the (a) to (f) designators, and made nonsubstantive changes.