South Carolina § 38-9-90 Securities or bonds must be held as security for claims.

South Carolina Statutes

§ 38-9-90 — Securities or bonds must be held as security for claims.

South Carolina § 38-9-90

Title 38INSURANCE

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

This text of South Carolina § 38-9-90 (Securities or bonds must be held as security for claims.) 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. § 38-9-90 (2026).

Text

The bonds or other securities required by Section 38-9-80 must be held as security for the payment of claims against the insurer arising out of its failure to meet obligations incurred in this State. Policyholders ratably and without preference and general creditors ratably, without preference, and subordinate to the claims of policyholders shall have a lien on the bonds or other securities for the amount of their claim.

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The bonds or other securities required by Section 38-9-80 must be held as security for the payment of claims against the insurer arising out of its failure to meet obligations incurred in this State. Policyholders ratably and without preference and general creditors ratably, without preference, and subordinate to the claims of policyholders shall have a lien on the bonds or other securities for the amount of their claim.

Legislative History

HISTORY: Former 1976 Code SECTION 38-9-90 [1947 (45) 322; 1952 Code SECTION 37-148; 1962 Code SECTION 37-148] recodified as SECTION 38-55-60 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-5-690 [1962 Code SECTION 37-185.2;1962 (52) 2148] recodified as SECTION 38-9-90 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 53.