South Carolina Code 38-89-110. Deficit to be recouped
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A deficit sustained by the association in a year must be recouped, pursuant to the plan of operation and the rating plan then in effect, by one or both of the following procedures:
(1) an assessment upon the policyholders, which may not exceed one additional annual premium at the then current rate;
Terms Used In South Carolina Code 38-89-110
- Association: means a joint underwriting association established pursuant to this subdivision. See South Carolina Code 38-89-10
- Premium: means payment given in consideration of a contract of insurance. See South Carolina Code 38-1-20
(2) a rate increase applicable prospectively.