The bonds or other securities required by Section 38-9-80 must be held as security for the payment of claims against the insurer arising out of its failure to meet obligations incurred in this State. Policyholders ratably and without preference and general creditors ratably, without preference, and subordinate to the claims of policyholders shall have a lien on the bonds or other securities for the amount of their claim.
S.C. Code Ann. § 38-9-90
Securities or bonds must be held as security for claims
Former 1976 Code SECTION 38-9-90 [1947 (45) 322; 1952 Code SECTION 37-148; 1962 Code SECTION 37-148] recodified as SECTION 38-55-60 by 1987 Act No. 155, SECTION 1; Former 1976 C…
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.