South Carolina § 38-75-940 - Loss and loss expense reserves.
Full text of South Carolina South Carolina Code of Laws § 38-75-940 — Loss and loss expense reserves., with citation guidance and answers to common questions.
§ 38-75-940. Loss and loss expense reserves.
(A) All title insurers licensed in this State shall establish and maintain reserves against unpaid losses and loss expenses.
(B) Upon receiving written notice from or on behalf of the insured of a title defect in or lien or adverse claim against the title of the insured that may result in a loss or cause expense to be incurred in the proper disposition of the claim, the title insurer shall determine the amount to be added to the reserve which shall reflect a careful estimate of the loss or loss expense likely to result by reason of the claim.
(C) Reserves required under this section may be revised from time to time and must be redetermined at least once each year.
(D) If the director or his designee determines that the loss and loss expense reserves of the title insurer are inadequate, he may require the title insurer to increase the amount of reserves to an amount he considers reasonable.
HISTORY: 1988 Act No. 562; 1993 Act No. 181, SECTION 797.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 38-75-940
What does South Carolina Code of Laws § 38-75-940 cover?
Section 38-75-940 ("Loss and loss expense reserves.") 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 § 38-75-940?
A common citation format is "South Carolina Code of Laws § 38-75-940" (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 § 38-75-940 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.