South Carolina § 38-9-130 Interest on deposited securities.

South Carolina Statutes

§ 38-9-130 — Interest on deposited securities.

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

The director or his designee at the time of receiving any bonds or other securities deposited under Sections 38-9-80 to 38-9-140 shall give to the company authority to collect the interest thereon for its own use. This authority continues in force until the company fails to pay any of its liabilities for which the deposit is security. In case of that failure the party charged with payment of the interest must be notified that thereafter the interest is payable to the director or his designee to be applied, if necessary, to the payment of those liabilities.

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The director or his designee at the time of receiving any bonds or other securities deposited under Sections 38-9-80 to 38-9-140 shall give to the company authority to collect the interest thereon for its own use. This authority continues in force until the company fails to pay any of its liabilities for which the deposit is security. In case of that failure the party charged with payment of the interest must be notified that thereafter the interest is payable to the director or his designee to be applied, if necessary, to the payment of those liabilities.

South Carolina § 38-9-130 (Interest on deposited securities.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: Former 1976 Code SECTION 38-9-130 [1935 (39) 287; 1942 Code SECTION 9051-2; 1952 Code SECTION 37-149.2; 1962 Code SECTION 37-149.2; 1967 (55) 184] has no comparable provisions in 1987 Act No. 155; Former 1976 Code SECTION 38-5-730 [1962 Code SECTION 37-185.6; 1962 (52) 2148] recodified as SECTION 38-9-130 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 535.