The liability of the surety under the bond is not affected by any breach of contract, breach of warranty, failure to pay a premium or other act or omission of the bonded structured settlement purchase company, or by any insolvency or bankruptcy of the structured settlement purchase company.
S.C. Code Ann. § 15-50-130
Exclusions for breaches or omissions
Known as the Structured Settlement Protection Act
The act spans §§ 15-50-10 to 15-50-90 (18 sections).
2023 Act No. 22 (S.259), SECTION 13, eff January 1, 2024.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.