South Carolina Statutes
§ 38-79-290 — Examination of association; audit in lieu of examination.
The director or his designee shall conduct an examination into the financial condition and affairs of the association at least annually and shall file a report thereon with the department, the Governor, and the General Assembly. The expenses of the examination must be paid by the association. The director or his designee may accept an audit of the association performed by a qualified public accounting firm in lieu of conducting his own examination.
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South Carolina § 38-79-290 (Examination of association; audit in lieu of examination.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 830; 2019 Act No. 67 (H.3760), SECTION 1, eff May 16, 2019. Effect of Amendment 2019 Act No. 67, SECTION 1, in the first sentence, substituted "shall conduct" for "shall make", and added the third sentence.
Nearby Sections
15
§ 38-79-110
Definitions.§ 38-79-120
Association created; membership as a condition of authority to transact insurance; purpose.§ 38-79-130
Powers of association; policy limits.§ 38-79-140
Plan of operation.§ 38-79-150
Application for coverage.§ 38-79-160
Reserved.§ 38-79-170
Investment income considered in rates and determination of profit or loss of Association.§ 38-79-180
Submission of all policy forms, classifications, rates, rating plans, or rules for approval.§ 38-79-200
Rate increase or assessment authorized.§ 38-79-210
Deficits to be recouped.