South Carolina § 38-31-40 Association created; membership as condition of authority to transact insurance; accounts.

South Carolina Statutes

§ 38-31-40 — Association created; membership as condition of authority to transact insurance; accounts.

South Carolina § 38-31-40

Title 38INSURANCE

Ch. 31SOUTH CAROLINA PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOCIATION

This text of South Carolina § 38-31-40 (Association created; membership as condition of authority to transact insurance; accounts.) 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. § 38-31-40 (2026).

Text

There is created a nonprofit unincorporated legal entity to be known as the South Carolina Property and Casualty Insurance Guaranty Association. All insurers defined as member insurers in Section 38-31-20(8) are members of the association as a condition of their authority to transact insurance in this State. The association shall perform its functions under a plan of operation established and approved under Section 38-31-70 and shall exercise its powers through a board of directors established under Section 38-31-50. For purposes of administration and assessment, the association is divided into four separate accounts:

(a)the workers' compensation insurance account;

(b)the automobile insurance account;

(c)the homeowners multiple peril and farmowners multiple peril insurance account;

(d)

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There is created a nonprofit unincorporated legal entity to be known as the South Carolina Property and Casualty Insurance Guaranty Association. All insurers defined as member insurers in Section 38-31-20(8) are members of the association as a condition of their authority to transact insurance in this State. The association shall perform its functions under a plan of operation established and approved under Section 38-31-70 and shall exercise its powers through a board of directors established under Section 38-31-50. For purposes of administration and assessment, the association is divided into four separate accounts: (a) the workers' compensation insurance account; (b) the automobile insurance account; (c) the homeowners multiple peril and farmowners multiple peril insurance account; (d) the account for all other insurance to which this chapter applies.

Legislative History

HISTORY: Former 1976 Code SECTION 38-31-40 [1953 (48) 493; 1956 (49) 2146; 1962 Code SECTION 37-302; 1976 Act No. 732 SECTION 2; 1981 Act No. 45] recodified as SECTION 38-65-40 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-19-40 [1962 Code SECTION 37-823; 1971 (57) 1001] recodified as SECTION 38-31-40 by 1987 Act No. 155, SECTION 1; 1988 Act No. 402, SECTION 3; 1993 Act No. 181, SECTION 632.