S.C. Code § 38-89-110

Current through 2024 Act No. 225.

Section 38-89-110 - Deficit to be recouped

A deficit sustained by the association in a 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.

S.C. Code § 38-89-110

1993 Act No. 181, Section 845; 1989 Act No. 189, Part II, Section 43 sub 25.