Statutes, codes, and regulations
Code of Laws of South Carolina 1976
Title 38 - INSURANCEChapter 19 - DOMESTIC MUTUAL INSURERS
Article 7 - BORROWING
Section 38-19-630 - Repayment of loans

S.C. Code § 38-19-630

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Current through 2024 Act No. 209.
Section 38-19-630 - Repayment of loans

The insurer may repay the loan only out of its realized net earned surplus in excess of the minimum surplus required for the kinds of insurance transacted. This loan may not be repaid out of borrowed money. The insurer shall repay the loan or a part of it when its realized net earned surplus has become adequate to repay without impairing the insurer's operations.

S.C. Code § 38-19-630

1962 Code Section 37-423] recodified as Section 38-19-630 by 1987 Act No. 155, Section 1; 1952 Code Section 37-423; Former 1976 Code Section 38-11-830 [1947 (45) 322.