S.C. Code Ann. § 38-19-620
Loans may not be part of legal liabilities but must be reflected in financial statements
Former 1976 Code SECTION 38-11-820 [1947 (45) 322; 1952 Code SECTION 37-422; 1962 Code SECTION 37-422] recodified as SECTION 38-19-620 by 1987 Act No. 155, SECTION 1.
Any money so borrowed may not form a part of the insurer's legal liabilities or be the basis of any setoff but, until it is repaid, financial statements filed or published by the insurer shall show as a footnote the amount of the loan then unpaid together with interest accrued but unpaid.
HISTORY: Former 1976 Code SECTION 38-11-820 [1947 (45) 322; 1952 Code SECTION 37-422; 1962 Code SECTION 37-422] recodified as SECTION 38-19-620 by 1987 Act No. 155, SECTION 1.