The director or his designee shall require every reciprocal exchange to provide security deposits pursuant to Sections 38-9-80 to 38-9-140 as required for other insurers doing business in this State.
HISTORY: Former 1976 Code Section 38-17-50 [1962 Code Section 37-566; 1972 (57) 2776] recodified as Section 38-29-50 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-45-50 [1947 (45) 322; 1952 Code Section 37-805; 1962 Code Section 37-805; 1964 (53) 2054] recodified as Section 38-17-50 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 543.
Structure South Carolina Code of Laws
Chapter 17 - Reciprocal Insurance
Section 38-17-10. Subscribers authorized to exchange reciprocal or interinsurance contracts.
Section 38-17-30. Verified declaration to be filed with Director.
Section 38-17-40. Maximum liability of subscribers.
Section 38-17-50. Deposit of securities.
Section 38-17-60. Director shall be appointed agent for service of process on exchanges.
Section 38-17-70. Annual certificate of authority.
Section 38-17-80. Domestic corporations may exchange reciprocal or interinsurance contracts.
Section 38-17-90. Maximum indemnity on fire risk; statement required.
Section 38-17-100. Maintenance of assets and guaranty fund.
Section 38-17-110. "Net annual advance premiums or deposits" defined.
Section 38-17-120. Disposition of funds advanced to make up deficiencies.
Section 38-17-130. Exchanges may sue and be sued.
Section 38-17-140. Exchanges subject to examinations.
Section 38-17-150. Annual report of business.
Section 38-17-160. Fees, taxes, and bond of attorney.
Section 38-17-170. Violations of chapter; conditional permit to organize.