The contingent liability of members of a domestic mutual insurer to assessment does not constitute an asset of the insurer in the determination of its financial condition.
S.C. Code Ann. § 38-19-420
Contingent liability is not an asset of the insurer
Former 1976 Code SECTION 38-11-620 [1947 (45) 322; 1952 Code SECTION 37-402; 1962 Code SECTION 37-402] recodified as SECTION 38-19-420 by 1987 Act No. 155, SECTION 1.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.