South Carolina § 38-41-70 Loss reserve; surplus account.

South Carolina Statutes

§ 38-41-70 — Loss reserve; surplus account.

South Carolina § 38-41-70

Title 38INSURANCE

Ch. 41MULTIPLE EMPLOYER SELF-INSURED HEALTH PLAN

This text of South Carolina § 38-41-70 (Loss reserve; surplus account.) 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. § 38-41-70 (2026).

Text

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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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.

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.