South Carolina Code 38-83-110. Deficit sustained by the association
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Any deficit sustained by the association in any 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 38-83-110
- Association: means any joint underwriting association established pursuant to this chapter. See South Carolina Code 38-83-10
- Premium: means payment given in consideration of a contract of insurance. See South Carolina Code 38-1-20
(2) a rate increase applicable prospectively.