South Carolina Code 38-73-1425. Final rate or premium charge for private passenger automobile insurance risk ceded to reinsurance facility
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 38-73-1425
- insurance: includes annuities. See South Carolina Code 38-1-20
- 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
- Premium: means payment given in consideration of a contract of insurance. See South Carolina Code 38-1-20
The final rate or premium charge for a private passenger automobile insurance risk ceded to the facility which does not qualify for the safe driver discount in § 38-73-760(e) is the final rate or premium charge required by § 38-73-1420 or the final rate or premium charge approved for use by the insurer, whichever is greater.