South Carolina § 38-41-70 - Loss reserve; surplus account.
Full text of South Carolina South Carolina Code of Laws § 38-41-70 — Loss reserve; surplus account., with citation guidance and answers to common questions.
§ 38-41-70. Loss reserve; surplus account.
A plan shall establish loss reserves for all incurred losses, both reported and unreported, and for unearned premiums, in the same manner required for health insurers under Sections 38-9-170 and 38-9-190.
A plan also shall establish a surplus account equal to the greater of:
(a) three times the average paid monthly premium during the plan's most recent fund year;
(b) for plans which do not yet have one fund year's experience, three times estimated monthly premium; or
(c) one hundred thousand dollars.
HISTORY: Former 1976 Code SECTION 38-65-50 [1985 Act No. 137, SECTION 5] recodified as SECTION 38-41-70 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 654.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 38-41-70
What does South Carolina Code of Laws § 38-41-70 cover?
Section 38-41-70 ("Loss reserve; surplus account.") 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 § 38-41-70?
A common citation format is "South Carolina Code of Laws § 38-41-70" (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 § 38-41-70 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.