S.C. Code Ann. § 38-9-20 – Surplus required of mutual insurers; delinquency

(A)
1. (1) Before licensing a mutual insurer, the director or his designee shall require the insurer to be possessed of surplus of not less than:
  1. (a) life: $1,200,000
  2. (b) accident and health: 1,200,000
  3. (c) life, accident, and health: 2,400,000
  4. (d) property: 2,400,000
  5. (e) casualty: 2,400,000
  6. (f) surety: 2,400,000
  7. (g) marine: 2,400,000
  8. (h) title: 1,200,000
  9. (i) multiple lines: 3,000,000
  If licensed to write Surplus which must be
  possessed at time of
  licensing
2. (2) The director or his designee may require additional initial surplus based on the type or nature of business transacted, and the initial surplus of the insurer must consist of cash or marketable securities which are eligible investments under Section 38-11-40.
(B) If the surplus of a licensed mutual insurer is less than the sum of the capital and minimum surplus required to be maintained by a stock insurer licensed to write the same kind or kinds of business, the mutual insurer is considered delinquent, and the director or his designee may begin delinquency proceedings as provided by Chapter 27 of this title.
(C) If the surplus of a licensed mutual insurer is less than the minimum capital required to be possessed by a stock insurer licensed to write the same kind or kinds of business, the mutual insurer is delinquent, and the director or his designee shall begin delinquency proceedings.