South Carolina Statutes
§ 38-81-330 — Change in premium rates after initial year of operation.
After the initial year of operation, rates, rating plans, and rating rules, and any provision for recoupment through policyholder assessment or premium rate increase must be based upon the association's loss and expense experience and investment income, together with any other information based upon this experience and income as the director or his designee considers appropriate. The resultant premium rates must be on an actuarially sound basis and must be calculated to be self-supporting. If sufficient funds are not available for the sound financial operation of the association, pending recoupment as provided in Section 38-81-320, all members, on a temporary basis, shall contribute to the financial requirements of the association in the manner provided for in Section 38-81-340. Any such c
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South Carolina § 38-81-330 (Change in premium rates after initial year of operation.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1988 Act No. 360, SECTION 13; 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.