Terms Used In South Carolina Code 38-31-160

  • Association: means the South Carolina Property and Casualty Insurance Guaranty Association created under § 38-31-40. See South Carolina Code 38-31-20
  • Insured: means any named insured, any additional insured, any vendor, lessor, or any other party identified as an insured under the policy. See South Carolina Code 38-31-20
  • Insurer: includes a corporation, fraternal organization, burial association, other association, partnership, society, order, individual, or aggregation of individuals engaging or proposing or attempting to engage as principals in any kind of insurance or surety business, including the exchanging of reciprocal or interinsurance contracts between individuals, partnerships, and corporations. See South Carolina Code 38-1-20
  • Verdict: The decision of a petit jury or a judge.
All proceedings involving covered claims in which the insolvent insurer is a party or is obligated to defend a party in any court in this State must be stayed ninety days from the date insolvency is determined to permit proper defense by the association. The court may stay the proceedings for a longer period of time if the court finds the additional time is necessary to permit proper defense by the association. As to any judgment, decision, order, verdict, or finding based on the insurer’s default or failure to defend the insured, the association may apply to have the judgment, decision, order, verdict, or finding set aside by the same court or administrator which made it and must be permitted to defend against the claim on its merits.