South Carolina Statutes
§ 38-89-150 — Effect of termination of association member's authority; merger; insolvency.
South Carolina § 38-89-150
This text of South Carolina § 38-89-150 (Effect of termination of association member's authority; merger; insolvency.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
S.C. Code Ann. § 38-89-150 (2026).
Text
(A)If the authority of an insurer to transact bodily injury liability insurance, other than automobile, homeowners, or farmowners, in this State terminates for any reason, its obligations as a member of the association continue until all its obligations are fulfilled and the director or his designee has so found and certified to the board of directors.
(B)If a member insurer merges into or consolidates with another insurer authorized to transact insurance in this State or another insurer authorized to transact insurance in this State has reinsured the insurer's entire general liability business in this State, both the insurer and its successor or assuming reinsurer, as the case may be, are liable for the insurer's obligations to the association.
(C)An unsatisfied net liability of an ins
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Legislative History
HISTORY: 1989 Act No. 189, Part II, SECTION 43 sub 29; 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.Cite This Page — Counsel Stack
Bluebook (online)
South Carolina § 38-89-150, Counsel Stack Legal Research, https://law.counselstack.com/statute/sc/89/38-89-150.