South Carolina Statutes
§ 38-89-110 — Deficit to be recouped.
A deficit sustained by the association in a 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 § 38-89-110 (Deficit to be recouped.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1989 Act No. 189, Part II, SECTION 43 sub 25; 1993 Act No. 181, SECTION 845.
Nearby Sections
15
§ 38-89-10
Definitions.§ 38-89-110
Deficit to be recouped.§ 38-89-130
Participation of association members.§ 38-89-160
Board of directors.§ 38-89-170
Appeal to commission.§ 38-89-180
Statement to be filed by association.§ 38-89-30
General powers.§ 38-89-40
Plan of operation.