Statutes, codes, and regulations
Code of Laws of South Carolina 1976
Title 38 - INSURANCEChapter 19 - DOMESTIC MUTUAL INSURERS
Article 5 - LIABILITY OF MEMBERS AND NONASSESSABLE POLICIES
Section 38-19-480 - Nonassessable plan applies to all policies

S.C. Code § 38-19-480

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Current through 2024 Act No. 209.
Section 38-19-480 - Nonassessable plan applies to all policies

The director or his designee may not authorize a domestic mutual insurer to extinguish the contingent liability of any of its members or in any of its policies to be issued unless it qualifies to and does extinguish the liability of all its members and in all policies for all kinds of insurance transacted by it.

S.C. Code § 38-19-480

1993 Act No. 181, Section 555; 1962 Code Section 37-408] recodified as Section 38-19-480 by 1987 Act No. 155, Section 1; 1952 Code Section 37-408; Former 1976 Code Section 38-11-680 [1947 (45) 322.