South Carolina Statutes
§ 38-41-70 — Loss reserve; surplus account.
A plan shall establish loss reserves for all incurred losses, both reported and unreported, and for unearned premiums, in the same manner required for health insurers under Sections 38-9-170 and 38-9-190. A plan also shall establish a surplus account equal to the greater of:
(a)three times the average paid monthly premium during the plan's most recent fund year;
(b)for plans which do not yet have one fund year's experience, three times estimated monthly premium; or (c) one hundred thousand dollars.
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Legislative History
HISTORY: Former 1976 Code SECTION 38-65-50 [1985 Act No. 137, SECTION 5] recodified as SECTION 38-41-70 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 654.
Nearby Sections
14
§ 38-41-100
Regulations.§ 38-41-30
License application; fee.§ 38-41-35
Hold harmless agreements.§ 38-41-50
Excess stop-loss coverage required.§ 38-41-60
Funds must be held in trust.§ 38-41-70
Loss reserve; surplus account.§ 38-41-80
Records; inspection and examination.§ 38-41-90
Dissolution of plan.