The director or his designee may not authorize a domestic mutual insurer to extinguish the contingent liability of any of its members or in any of its policies to be issued unless it qualifies to and does extinguish the liability of all its members and in all policies for all kinds of insurance transacted by it.
S.C. Code Ann. § 38-19-480
Nonassessable plan applies to all policies
Former 1976 Code SECTION 38-11-680 [1947 (45) 322; 1952 Code SECTION 37-408; 1962 Code SECTION 37-408] recodified as SECTION 38-19-480 by 1987 Act No. 155, SECTION 1; 1993 Act N…
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.