South Carolina § 38-31-40 - Association created; membership as condition of authority to transact insurance; accounts.

§ 38-31-40. Association created; membership as condition of authority to transact insurance; accounts.

There is created a nonprofit unincorporated legal entity to be known as the South Carolina Property and Casualty Insurance Guaranty Association. All insurers defined as member insurers in Section 38-31-20(8) are members of the association as a condition of their authority to transact insurance in this State. The association shall perform its functions under a plan of operation established and approved under Section 38-31-70 and shall exercise its powers through a board of directors established under Section 38-31-50. For purposes of administration and assessment, the association is divided into four separate accounts:

(a) the workers' compensation insurance account;

(b) the automobile insurance account;

(c) the homeowners multiple peril and farmowners multiple peril insurance account;

(d) the account for all other insurance to which this chapter applies.

HISTORY: Former 1976 Code SECTION 38-31-40 [1953 (48) 493; 1956 (49) 2146; 1962 Code SECTION 37-302; 1976 Act No. 732 SECTION 2; 1981 Act No. 45] recodified as SECTION 38-65-40 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-19-40 [1962 Code SECTION 37-823; 1971 (57) 1001] recodified as SECTION 38-31-40 by 1987 Act No. 155, SECTION 1; 1988 Act No. 402, SECTION 3; 1993 Act No. 181, SECTION 632.