When the bonds required to be deposited by an insurer in Section 38-15-30 are reduced below the value of one hundred thousand dollars, except by unexpected fluctuation in value, the right of that insurer to do business in this State may be revoked or suspended.
HISTORY: Former 1976 Code Section 38-15-40 [1960 (51) 1664; 1962 Code Section 37-764] recodified as Section 38-19-860 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-13-60 [1947 (45) 322; 1952 Code Section 37-606; 1962 Code Section 37-606] recodified as Section 38-15-40 by 1987 Act No. 155, Section 1; 1988 Act No. 386, Section 3.
Structure South Carolina Code of Laws
Section 38-15-10. Special authority required for writing certain bonds; forms of the bonds.
Section 38-15-20. Withdrawal of special authority for writing certain bonds.
Section 38-15-30. Deposit of securities required.
Section 38-15-40. Effect of reduction in value of bonds deposited by surety.
Section 38-15-50. Deposit of cash in trust in lieu of giving bond or depositing securities.
Section 38-15-60. Power to become surety; release; rights and liabilities.
Section 38-15-70. Estoppel to deny power to execute bond or assume liability.
Section 38-15-80. Persons considered agents of surety insurers.