South Carolina § 38-9-40 Director to notify insurers of amounts required; annual schedule.

South Carolina Statutes

§ 38-9-40 — Director to notify insurers of amounts required; annual schedule.

South Carolina § 38-9-40

Title 38INSURANCE

Ch. 9CAPITAL, SURPLUS, RESERVES, AND OTHER FINANCIAL MATTERS

This text of South Carolina § 38-9-40 (Director to notify insurers of amounts required; annual schedule.) 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. § 38-9-40 (2026).

Text

The director or his designee shall notify each licensed insurer that does not comply with Section 38-9-10 or 38-9-20 of the amounts of capital and surplus if a stock insurer, or the amount of surplus if a mutual insurer, the insurer shall maintain in order to continue to remain licensed in this State. A schedule of the amounts required must be maintained by each insurer. This schedule must be revised annually as to those insurers whose minimum capital and surplus requirements are increased periodically as required by Section 38-9-30.

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The director or his designee shall notify each licensed insurer that does not comply with Section 38-9-10 or 38-9-20 of the amounts of capital and surplus if a stock insurer, or the amount of surplus if a mutual insurer, the insurer shall maintain in order to continue to remain licensed in this State. A schedule of the amounts required must be maintained by each insurer. This schedule must be revised annually as to those insurers whose minimum capital and surplus requirements are increased periodically as required by Section 38-9-30.

Legislative History

HISTORY: Former 1976 Code SECTION 38-9-40 [1947 (45) 322; 1952 Code SECTION 37-144; 1962 Code SECTION 37-144] recodified as SECTIONS 38-63-10, 38-65-10, and 38-69-10 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-5-640 [1962 Code SECTION 37-183.1; 1963 (53) 564] recodified as SECTION 38-9-40 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 535; 1998 Act No. 411, SECTION 2.