The State Fiscal Accountability Authority may reinsure, upon terms which it may deem most advantageous, in a reliable insurance company or companies, such portion of their insurance liability as is commensurate with the principle of safe underwriting. The authority shall from time to time prescribe such rules and regulations as may be necessary in placing and handling this reinsurance.
S.C. Code Ann. § 10-7-120
Authority may reinsure
Applied in 1 court decision — leading case Sanders v. American Southern Insurance (1997)
Most recently applied in Sanders v. American Southern Insurance (February 1997)
1962 Code SECTION 1-441; 1950 Code SECTION 1-441; 1942 Code SECTION 2186; 1936 (39) 1668; 1950 (46) 3605.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.