South Carolina Code 38-31-40. Association created; membership as condition of authority to transact insurance; accounts
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There is created a nonprofit unincorporated legal entity to be known as the South Carolina Property and Casualty Insurance Guaranty Association. All insurers defined as member insurers in § 38-31-20(8) are members of the association as a condition of their authority to transact insurance in this State. The association shall perform its functions under a plan of operation established and approved under § 38-31-70 and shall exercise its powers through a board of directors established under § 38-31-50. For purposes of administration and assessment, the association is divided into four separate accounts:
(a) the workers’ compensation insurance account;
Terms Used In South Carolina Code 38-31-40
- Account: means any one of the four accounts created by § 38-31-40. See South Carolina Code 38-31-20
- Association: means the South Carolina Property and Casualty Insurance Guaranty Association created under § 38-31-40. See South Carolina Code 38-31-20
- Casualty insurance: means each insurance against legal liability of the insured for bodily injury to or death of another person, including workers' compensation insurance, and for damages to or loss or destruction of the property of another person; medical payments insurance when written in conjunction with insurance covering liability for the deaths or bodily injuries of another person; guaranteeing the fidelity of a person holding a position of public or private trust; loss of or damage to property caused by burglary, theft, larceny, robbery, fraud, or unlawful taking or secretion of property owned by or entrusted to the insured; loss of or damage to property of the insured resulting from the explosion of or damage to a fired or unfired boiler or other pressure vessel, engine, turbine, compressor, pump, wheel, or an apparatus generating, transmitting, or using electric power, and machinery or equipment connected with any of them; loss resulting from nonpayment of debts owed to merchants or another person extending credit. See South Carolina Code 38-1-20
- insurance: includes annuities. See South Carolina Code 38-1-20
(b) the automobile insurance account;
(c) the homeowners multiple peril and farmowners multiple peril insurance account;
(d) the account for all other insurance to which this chapter applies.