South Carolina Code 38-75-360. Powers of Association
(1) cause to be issued policies of insurance to applicants;
Terms Used In South Carolina Code 38-75-360
- Association: means the South Carolina Wind and Hail Underwriting Association established pursuant to the provisions of this article. See South Carolina Code 38-75-310
- Contract: A legal written agreement that becomes binding when signed.
- Insurable property: means immovable property at fixed locations in coastal areas of the State as that term is defined, or tangible personal property located in it, which property is determined by the association to be in an insurable condition as determined by reasonable underwriting standards, but not to include farm or manufacturing property, or motor vehicles which are eligible to be licensed for highway use. See South Carolina Code 38-75-310
- insurance: includes annuities. See South Carolina Code 38-1-20
- Plan of operation: means the plan of operation of the association approved or promulgated by the department pursuant to the provisions of this article. See South Carolina Code 38-75-310
- Property insurance: means each insurance against direct or indirect loss of or damage to a property resulting from fire, smoke, weather disturbances, climatic conditions, earthquake, volcanic eruption, rising waters, insects, blight, animals, war damage, riot, civil commotion, destruction by order of civil authority to prevent spread of conflagration or for other reason, water damage, vandalism, glass breakage, explosion of a water system, collision, theft of automobiles, and personal effects in them (but no other forms of theft insurance), loss of or damage to domestic or wild animals, and any other perils to property which in the discretion of the director or his designee form proper subjects of property insurance, if not specified in items (1), (7), (11), (35), (40), (54), or (59) of this section. See South Carolina Code 38-1-20
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Solicit: means attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular company. See South Carolina Code 38-1-20
(2) assume reinsurance from its members;
(3) cede reinsurance to its members and to purchase reinsurance on risks insured by the association in amounts that are in accordance with procedures adopted by the board;
(4) receive, hold, and transfer personal and real property in the name of the association;
(5) contract for goods and services that may not be reasonably performed by its employees;
(6) solicit and accept goods, loans, grants, etc. in the name of the association;
(7) borrow funds; and
(8) issue bonds, surplus notes, or other debentures.
(B) The association, pursuant to the provisions of this article and the plan of operation, and with respect to essential property insurance on insurable property, shall perform other acts necessary or proper to effectuate the purpose of this subsection.