Except as otherwise provided in this title, no insurer doing business in this State may expose itself to a loss on one risk in an amount exceeding ten percent of its surplus to policyholders. A risk or portion of it which has been reinsured must be deducted in determining the limitation of risk prescribed in this section. This section does not apply to captive insurers.
S.C. Code Ann. § 38-55-30
Limitation of risk; section not applicable to captive insurers
Former 1976 Code SECTION 38-55-30 [1947 (45) 322; 1952 Code SECTION 37-1204; 1962 Code SECTION 37-1203; 1964 (53) 2293] recodified as SECTION 38-57-30 by 1987 Act No. 155, SECTI…
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.