The attorney shall file a sworn statement with the department showing the maximum amount of indemnity upon any single fire insurance risk. The attorney shall also file, whenever required, a sworn statement with the department that he has examined the commercial rating of the subscribers as shown by the reference book of a commercial agency having at least one hundred thousand subscribers and that from this examination or other information in his possession it appears that no subscriber has assumed more than ten percent of its net worth on any single fire insurance risk.
HISTORY: Former 1976 Code Section 38-17-90 [1962 Code Section 37-570; 1972 (57) 2776] recodified as Section 38-29-90 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-45-90 [1947 (45) 322; 1952 Code Section 37-809; 1962 Code Section 37-809] recodified as Section 38-17-90 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 546.
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.