South Carolina § 38-19-470 - Nonassessable policies.
Full text of South Carolina South Carolina Code of Laws § 38-19-470 — Nonassessable policies., with citation guidance and answers to common questions.
§ 38-19-470. Nonassessable policies.
A domestic mutual insurer, after it has established a surplus not less than the minimum capital and surplus required of a stock insurer to transact like kinds of insurance and for so long as it maintains this surplus, may extinguish the contingent liability of its members to assessment and omit provisions imposing contingent liability in all policies currently issued. Any deposit made with the director or his designee as a prerequisite to the insurer's certificate of authority may be included as part of the surplus referred to in this section. When the surplus has been established and the director or his designee has so ascertained, he shall issue to the insurer, at its request, his certificate authorizing the extinguishment of the contingent liability of its members and the issuance of policies free from contingent liability.
HISTORY: Former 1976 Code SECTION 38-11-670 [1947 (45) 322; 1952 Code SECTION 37-407; 1962 Code SECTION 37-407] recodified as SECTION 38-19-470 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 554.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 38-19-470
What does South Carolina Code of Laws § 38-19-470 cover?
Section 38-19-470 ("Nonassessable policies.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 38-19-470?
A common citation format is "South Carolina Code of Laws § 38-19-470" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 38-19-470 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.