A member's proportionate part of any deficiency is computed by applying to the premium earned within the twelve-month period on his contingently liable policy or policies the ratio of the total deficiency to the total premium earned during the period on all contingently liable policies. In computing the earned premiums for the purposes of this section the gross premium received by the insurer for the policy must be used as a base, deducting charges not recurring upon the renewal or extension of the policy.
No member may have an offset against any assessment for which he is liable on account of any claim for unearned premium or losses payable.
HISTORY: Former 1976 Code Section 38-11-650 [1947 (45) 322; 1952 Code Section 37-405; 1962 Code Section 37-405] recodified as Section 38-19-450 by 1987 Act No. 155, Section 1.
Structure South Carolina Code of Laws
Chapter 19 - Domestic Mutual Insurers
Section 38-19-10. Membership in mutual insurer.
Section 38-19-20. Contract shall stipulate membership of contract holder.
Section 38-19-40. Notice of annual meetings.
Section 38-19-50. Use of proxies.
Section 38-19-410. Contingent liability of members.
Section 38-19-420. Contingent liability is not an asset of the insurer.
Section 38-19-430. Validity of guaranty against liability.
Section 38-19-440. Assessments for deficiencies.
Section 38-19-450. Computation of individual assessments.
Section 38-19-460. Enforcement of contingent liability on assessment premium plan.
Section 38-19-470. Nonassessable policies.
Section 38-19-480. Nonassessable plan applies to all policies.
Section 38-19-490. Revocation of authority to issue nonassessable policies.
Section 38-19-610. Borrowed surplus.
Section 38-19-630. Repayment of loans.
Section 38-19-640. Repayment of more than one loan or by multiple agreement.
Section 38-19-650. Director's approval required for repayment.
Section 38-19-660. Rights of holders of loan upon dissolution.
Section 38-19-815. Definitions.
Section 38-19-825. Transactions of a mutual insurer.
Section 38-19-1010. Fire and storm insurance; suits; seals.
Section 38-19-1020. Directors and officers; regulations.
Section 38-19-1030. Liability of members; property pledged; lien.
Section 38-19-1040. Extent of liability; release by transfer rights of purchaser.
Section 38-19-1050. Limit of amount insurance.
Section 38-19-1110. Authorization to reorganize.
Section 38-19-1130. Plan of reorganization; approval; contents.
Section 38-19-1140. Review of plan; costs; public hearing; order of approval or disapproval.
Section 38-19-1150. Policyholder meeting to vote on plan.
Section 38-19-1160. Filing articles of incorporation; issuance of certificate of authority.
Section 38-19-1170. Membership interest as security; transfer of interest.
Section 38-19-1190. Demutualization.
Section 38-19-1200. Confidentiality of information disclosed pursuant to application to reorganize.
Section 38-19-1230. Filing of annual statements; audit; notice of stock offering.
Section 38-19-1240. Time limitation for filing challenge to reorganization.