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.
HISTORY: 1987 Act No. 62, Section 12; 1993 Act No. 181, Section 833.
Structure South Carolina Code of Laws
Chapter 83 - Joint Underwriting Association For Writing Of Professional Liability Insurance
Section 38-83-10. Definitions.
Section 38-83-20. Joint Underwriting Association insurers.
Section 38-83-30. Powers of association.
Section 38-83-40. Creation of Joint Underwriters Association by professional association.
Section 38-83-50. Coverage by the association.
Section 38-83-60. Costs of professional liability insurance.
Section 38-83-90. Form of policy and rate structure.
Section 38-83-100. Rate increase or assessment.
Section 38-83-110. Deficit sustained by the association.
Section 38-83-130. Participation by insurers.
Section 38-83-140. Binding nature of plan of operation and rules of the board of directors.
Section 38-83-160. Board of directors for joint underwriting association.
Section 38-83-170. Appeal from ruling.
Section 38-83-180. Filing statements of transactions and other matters.