South Carolina § 38-9-10 Capital and surplus required of stock insurers; delinquency.

South Carolina Statutes

§ 38-9-10 — Capital and surplus required of stock insurers; delinquency.

South Carolina·Title 38 INSURANCE·Ch. 9 CAPITAL, SURPLUS, RESERVES, AND OTHER FINANCIAL MATTERS

(A)(1) Before licensing a stock insurer, the director or his designee shall require the insurer to be possessed of capital which must be maintained at all times and surplus, twenty-five percent of which must be maintained at all times, in amounts not less than: If licensed to write Capital Surplus (a) life: $ 600,000 $ 600,000 (b) accident and health 600,000 600,000 (c) life, accident, and health 1,200,000 1,200,000 (d) property: 1,200,000 1,200,000 (e) casualty: 1,200,000 1,200,000 (f) surety: 1,200,000 1,200,000 (g) marine: 1,200,000 1,200,000 (h) title: 600,000 600,000 (i) multiple lines: 1,500,000 1,500,000 (2) The director or his designee may require additional initial capital and surplus based on the type or nature of business transacted, and the initial capital and surplus of the in

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(A)(1) Before licensing a stock insurer, the director or his designee shall require the insurer to be possessed of capital which must be maintained at all times and surplus, twenty-five percent of which must be maintained at all times, in amounts not less than: If licensed to write Capital Surplus (a) life: $ 600,000 $ 600,000 (b) accident and health 600,000 600,000 (c) life, accident, and health 1,200,000 1,200,000 (d) property: 1,200,000 1,200,000 (e) casualty: 1,200,000 1,200,000 (f) surety: 1,200,000 1,200,000 (g) marine: 1,200,000 1,200,000 (h) title: 600,000 600,000 (i) multiple lines: 1,500,000 1,500,000 (2) The director or his designee may require additional initial capital and surplus based on the type or nature of business transacted, and the initial capital and surplus of the insurer must consist of cash or marketable securities that qualify as admitted assets on the most recent statutory financial statement of the insurer filed with the department pursuant to Section 38-13-80. (B) If the surplus of a stock insurer is less than twenty-five percent of the surplus initially required, as set forth in subsection (A), the insurer is considered delinquent, and the director or his designee may begin delinquency proceedings as provided by Chapter 27 of this title. (C) If the capital of a stock insurer is impaired, the insurer is delinquent, and the director or his designee shall begin delinquency proceedings.

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Legislative History

HISTORY: Former 1976 Code SECTION 38-9-10 [1947 (45) 322; 1952 Code SECTION 37-142; 1962 Code SECTION 37-142] recodified as SECTION 38-55-10 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-5-610 [1947 (45) 322; 1952 Code SECTION 37-181; 1957 (50) 402; 1962 Code SECTION 37-182; 1963 (53) 564; 1971 (57) 311] recodified as SECTION 38-9-10 by 1987 Act No. 155, SECTION 1; 1988 Act No. 317, SECTION 1; 1991 Act No. 13, SECTION 6; 1993 Act No. 181, SECTION 535; 2012 Act No. 137, SECTION 2, eff April 2, 2012.