§ 38-19-420

S.C. Code Ann. § 38-19-420

Contingent liability is not an asset of the insurer

Former 1976 Code SECTION 38-11-620 [1947 (45) 322; 1952 Code SECTION 37-402; 1962 Code SECTION 37-402] recodified as SECTION 38-19-420 by 1987 Act No. 155, SECTION 1.

Viewing an earlier, undated versionView current

The contingent liability of members of a domestic mutual insurer to assessment does not constitute an asset of the insurer in the determination of its financial condition.

HISTORY: Former 1976 Code SECTION 38-11-620 [1947 (45) 322; 1952 Code SECTION 37-402; 1962 Code SECTION 37-402] recodified as SECTION 38-19-420 by 1987 Act No. 155, SECTION 1.