S.C. Code § 38-81-320

Current through 2024 Act No. 225.

Section 38-81-320 - Recoupment of deficits

Any deficit sustained by the association in any year must be recouped, pursuant to the plan of operation and the rating plan then in effect, by one or both of the following procedures:

(1) an assessment upon the policyholders, which may not exceed one additional annual premium at the then current rate;

(2) a rate increase applicable prospectively.

S.C. Code § 38-81-320

1993 Act No. 181, Section 832; 1988 Act No. 360, Section 12.