South Carolina Statutes
§ 38-81-320 — Recoupment of deficits.
Any deficit sustained by the association in any year must be recouped, pursuant to the plan of operation and the rating plan then in effect, by one or both of the following procedures:
(1)an assessment upon the policyholders, which may not exceed one additional annual premium at the then current rate;
(2)a rate increase applicable prospectively.
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South Carolina § 38-81-320 (Recoupment of deficits.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1988 Act No. 360, SECTION 12; 1993 Act No. 181, SECTION 832.
Nearby Sections
15
§ 38-81-210
Findings.§ 38-81-220
Definitions.§ 38-81-230
Joint underwriting association created.§ 38-81-240
Powers of association.§ 38-81-250
Plan of operation.§ 38-81-270
Gathering of data.§ 38-81-280
Structuring rates.§ 38-81-290
Filing of forms.§ 38-81-300
Specification of coverage basis.§ 38-81-310
Rate increases or assessments.§ 38-81-320
Recoupment of deficits.§ 38-81-340
Participation of insurers.