South Carolina Statutes
§ 38-83-110 — Deficit sustained by the association.
South Carolina·Title 38 INSURANCE·Ch. 83 JOINT UNDERWRITING ASSOCIATION FOR WRITING OF PROFESSIONAL LIABILITY INSURANCE
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 § 38-83-110 (Deficit sustained by the association.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1987 Act No. 62, SECTION 12; 1993 Act No. 181, SECTION 833.
Nearby Sections
15
§ 38-83-10
Definitions.§ 38-83-100
Rate increase or assessment.§ 38-83-110
Deficit sustained by the association.§ 38-83-130
Participation by insurers.§ 38-83-170
Appeal from ruling.§ 38-83-190
Examination of finances.§ 38-83-20
Joint Underwriting Association insurers.§ 38-83-30
Powers of association.§ 38-83-50
Coverage by the association.