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

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.

South Carolina § 38-9-90 (Securities or bonds must be held as security for claims.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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.