Statutes, codes, and regulations
Code of Laws of South Carolina 1976
Title 38 - INSURANCEChapter 19 - DOMESTIC MUTUAL INSURERS
Article 7 - BORROWING
Section 38-19-620 - Loans may not be part of legal liabilities but must be reflected in financial statements

S.C. Code § 38-19-620

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Current through 2024 Act No. 225.
Section 38-19-620 - Loans may not be part of legal liabilities but must be reflected in financial statements

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.

S.C. Code § 38-19-620

1962 Code Section 37-422] recodified as Section 38-19-620 by 1987 Act No. 155, Section 1; 1952 Code Section 37-422; Former 1976 Code Section 38-11-820 [1947 (45) 322.