reglab/housing_qa huggingface dataset:
SC Code § 38-19-40 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-40. Notice of annual meetings.

 Notice of the time and place of the annual meeting of members of a domestic mutual insurer must be given by imprinting the notice plainly on the policies issued by the insurer. Any change of the time or place of the annual meeting may be made only at an annual meeting of members. Notice of a change must be given:  (1) by imprinting the new time or place on all policies which are issued following the annual meeting at which a change was approved; and  (2) by including a written notice of the change in a premium due notice to each member subsequent to the annual meeting at which the change was approved and before the first annual meeting affected by the change; or  (3) by any other method ordered or approved by the director or his designee.  HISTORY: Former 1976 Code Section 38-19-40 [1962 Code Section 37-823; 1971 (57) 1001] recodified as Section 38-31-40 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-11-240 [1947 (45) 322; 1952 Code Section 37-374; 1962 Code Section 37-374] recodified as Section 38-19-40 by 1987 Act No. 155, Section 1; 1988 Act No. 334, Section 3; 1993 Act No. 181, Section 551.
SC Code § 38-19-50 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-50. Use of proxies.

 (A) A member of a domestic mutual insurer may vote in person or by proxy on any matter coming before a corporate meeting of members. An appointment of proxy is effective when received by the secretary or other officer or agent authorized to tabulate votes. Unless a time of expiration is otherwise specified, an appointment is valid for eleven months.  (B) No member's vote upon any proposal (1) to divest the insurer of its business and assets, or the major part of it, or (2) to change the corporate structure of the insurer as provided in Article 9 of this chapter may be registered or taken except in person or by a proxy newly executed and specific as to the matter to be voted upon.  (C) No proxy may be utilized by a domestic mutual insurer subject to the provisions of this chapter unless the language and form of the proxy have been approved by the director or his designee.  HISTORY: Former 1976 Code Section 38-19-50 [1962 Code Section 37-824; 1971 (57) 1001] recodified as Section 38-31-50 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-11-250 [1947 (45) 322; 1952 Code Section 37-375; 1962 Code Section 37-375] recodified as Section 38-19-50 by 1987 Act No. 155, Section 1; 1988 Act No. 334, Section 4; 1993 Act No. 181, Section 552; 1997 Act No. 68, Section 6.
SC Code § 38-19-60 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-60. Quorum for conduct of business at annual meeting; form and approval of voting proxies.

 At any annual meeting of a domestic mutual insurer all business including the election of directors must be conducted pursuant to majority vote of those members present and voting either in person or by proxy of nonpresent members as provided in Section 38-19-50. No other quorum requirements may limit the conduct of this business.  HISTORY: Former 1976 Code Section 38-19-60 [1962 Code Section 37-825; 1971 (57) 1001; 1976 Act No. 666] recodified as Section 38-31-60 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-11-260 [1962 Code Section 37-375.1; 1976 Act No. 533] recodified as 38-19-60 by 1987 Act No. 155, Section 1; 1988 Act No. 334, Section 5.
SC Code § 38-19-270 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-270. Dividends.

 The directors of a domestic mutual insurer may apportion and pay dividends to its members as entitled thereto, but only out of that part of its surplus funds which is in excess of its required minimum surplus and which represents net realized savings and net realized earnings from its business. Any classification of its participating policies and of risks assumed thereunder which the insurer may make must be reasonable. No dividend may be paid which is inequitable or which unfairly discriminates as between the classifications or as between policies within the same classification. No dividend, otherwise earned, may be made contingent upon the payment of a renewal premium on any policy.  HISTORY: Former 1976 Code Section 38-11-480 [1947 (45) 322; 1952 Code Section 37-388; 1962 Code Section 37-388] recodified as Section 38-19-270 by 1987 Act No. 155, Section 1.
SC Code § 38-19-410 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-410. Contingent liability of members.

 Each member of a domestic mutual insurer, except as otherwise provided in this chapter, has a contingent liability, prorata and not one for another, for the discharge of its obligations. The contingent liability is, at a maximum, the amount stated in the insurer's articles of incorporation but may not be less than one nor more than five additional premiums for the member's policy at the annual premium rate. Every policy issued by the insurer shall contain a statement of the contingent liability. Cancellation of the policy of a member does not relieve the member of contingent liability for his proportion of the obligations of the insurer which accrued while the policy was in force.  HISTORY: Former 1976 Code Section 38-11-610 [1947 (45) 322; 1952 Code Section 37-401; 1962 Code Section 37-401] recodified as Section 38-19-410 by 1987 Act No. 155, Section 1.
SC Code § 38-19-420 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-420. Contingent liability is not an asset of the insurer.

 The contingent liability of members of a domestic mutual insurer to assessment does not constitute an asset of the insurer in the determination of its financial condition.  HISTORY: Former 1976 Code Section 38-11-620 [1947 (45) 322; 1952 Code Section 37-402; 1962 Code Section 37-402] recodified as Section 38-19-420 by 1987 Act No. 155, Section 1.
SC Code § 38-19-430 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-430. Validity of guaranty against liability.

 No person may insure against or agree or promise any member of a domestic mutual insurer holding a policy which provides for contingent liability to save him harmless from the contingent liability or any assessment under the policy. Any insurance, agreement, or promise attempted of this nature is void.  HISTORY: Former 1976 Code Section 38-11-630 [1947 (45) 322; 1952 Code Section 37-403; 1962 Code Section 37-403] recodified as Section 38-19-430 by 1987 Act No. 155, Section 1.
SC Code § 38-19-440 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-440. Assessments for deficiencies.

 If at any time the surplus of a domestic mutual insurer is less than the amount required by this title and the deficiency is not cured from other sources, its directors may with the approval of the director or his designee make an assessment on its members who, at any time within the twelve months immediately preceding the date the assessment was authorized by the directors, held policies providing for contingent liability. The director or his designee may refuse to approve the assessment if in his judgment refusal will best promote the interests of the insurer's members and creditors and of the insuring public.  HISTORY: Former 1976 Code Section 38-11-640 [1947 (45) 322; 1952 Code Section 37-404; 1962 Code Section 37-404] recodified as Section 38-19-440 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 553.
SC Code § 38-19-450 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-450. Computation of individual assessments.

 A member's proportionate part of any deficiency is computed by applying to the premium earned within the twelve-month period on his contingently liable policy or policies the ratio of the total deficiency to the total premium earned during the period on all contingently liable policies. In computing the earned premiums for the purposes of this section the gross premium received by the insurer for the policy must be used as a base, deducting charges not recurring upon the renewal or extension of the policy.  No member may have an offset against any assessment for which he is liable on account of any claim for unearned premium or losses payable.  HISTORY: Former 1976 Code Section 38-11-650 [1947 (45) 322; 1952 Code Section 37-405; 1962 Code Section 37-405] recodified as Section 38-19-450 by 1987 Act No. 155, Section 1.
SC Code § 38-19-460 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-460. Enforcement of contingent liability on assessment premium plan.

 The contingent liability of members of a domestic mutual insurer doing business on the assessment premium plan must be called upon and enforced by its directors as provided in its bylaws.  HISTORY: Former 1976 Code Section 38-11-660 [1947 (45) 322; 1952 Code Section 37-406; 1962 Code Section 37-406] recodified as Section 38-19-460 by 1987 Act No. 155, Section 1.
SC Code § 38-19-470 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-470. Nonassessable policies.

 A domestic mutual insurer, after it has established a surplus not less than the minimum capital and surplus required of a stock insurer to transact like kinds of insurance and for so long as it maintains this surplus, may extinguish the contingent liability of its members to assessment and omit provisions imposing contingent liability in all policies currently issued. Any deposit made with the director or his designee as a prerequisite to the insurer's certificate of authority may be included as part of the surplus referred to in this section. When the surplus has been established and the director or his designee has so ascertained, he shall issue to the insurer, at its request, his certificate authorizing the extinguishment of the contingent liability of its members and the issuance of policies free from contingent liability.  HISTORY: Former 1976 Code Section 38-11-670 [1947 (45) 322; 1952 Code Section 37-407; 1962 Code Section 37-407] recodified as Section 38-19-470 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 554.
SC Code § 38-19-480 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-480. Nonassessable plan applies to all policies.

 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.  HISTORY: 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 No. 181, Section 555.
SC Code § 38-19-490 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-490. Revocation of authority to issue nonassessable policies.

 The director or his designee shall revoke the authority of a domestic mutual insurer to extinguish the contingent liability of its members if:  (1) at any time the insurer's surplus is less than the minimum capital and surplus required of a stock insurer to transact similar kinds of business; or  (2) the insurer, by resolution of its directors approved by its members, requests that the authority be revoked.  Upon revocation of this authority for any cause the insurer may not thereafter issue any policies without contingent liability nor renew any policies then in force without written endorsement thereon providing for contingent liability.  HISTORY: Former 1976 Code Section 38-11-690 [1947 (45) 322; 1952 Code Section 37-409; 1962 Code Section 37-409] recodified as Section 38-19-490 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 556.
SC Code § 38-19-610 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-610. Borrowed surplus.

 A domestic mutual insurer, with the advance approval of the director or his designee and without the pledge of any of its assets, may borrow money to defray the expenses of its organization or for any purpose required by its business upon an agreement that the money and the interest as agreed upon must be repaid only out of the insurer's earned surplus in excess of its required minimum surplus. If the money is to be borrowed upon multiple agreements, the agreements must be serially numbered. No loan agreement or series of agreements may have or be given any preferential rights over any other such loan agreement or series. No commission or promotional expense may be paid to a director, officer, or employee of the insurer on account of this loan.  The director's or his designee's approval of the loan, if granted, shall specify the amount to be borrowed, the purpose for which the money is to be used, the terms and forms of the loan agreement, the date by which the loan must be completed, and other related matters the director or his designee considers proper.  This article does not apply to loans obtained by the insurer in the ordinary course of business from banks and other financial institutions, nor to loans secured by pledge or mortgage of assets.  HISTORY: Former 1976 Code Section 38-11-810 [1947 (45) 322; 1952 Code Section 37-421; 1962 Code Section 37-421; 1972 (57) 2676; 1974 (58) 2300] recodified as Section 38-19-610 by 1987 Act No. 155, Section 1; 1988 Act No. 334, Section 6; 1993 Act No. 181, Section 557.
SC Code § 38-19-620 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-620. Loans may not be part of legal liabilities but must be reflected in financial statements.

 Any money so borrowed may not form a part of the insurer's legal liabilities or be the basis of any setoff but, until it is repaid, financial statements filed or published by the insurer shall show as a footnote the amount of the loan then unpaid together with interest accrued but unpaid.  HISTORY: Former 1976 Code Section 38-11-820 [1947 (45) 322; 1952 Code Section 37-422; 1962 Code Section 37-422] recodified as Section 38-19-620 by 1987 Act No. 155, Section 1.
SC Code § 38-19-630 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-630. Repayment of loans.

 The insurer may repay the loan only out of its realized net earned surplus in excess of the minimum surplus required for the kinds of insurance transacted. This loan may not be repaid out of borrowed money. The insurer shall repay the loan or a part of it when its realized net earned surplus has become adequate to repay without impairing the insurer's operations.  HISTORY: Former 1976 Code Section 38-11-830 [1947 (45) 322; 1952 Code Section 37-423; 1962 Code Section 37-423] recodified as Section 38-19-630 by 1987 Act No. 155, Section 1.
SC Code § 38-19-640 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-640. Repayment of more than one loan or by multiple agreement.

 If there is more than one such loan or if any such loan is represented by multiple agreements, the loan agreement shall provide, in addition to any other time of repayment specified in it, that any part of the loan may be repaid at any time by selection by lot, under supervision of the director or his designee, of those loan agreements, out of all similar agreements then outstanding, to be then repaid in part or in whole.  HISTORY: Former 1976 Code Section 38-11-840 [1947 (45) 322; 1952 Code Section 37-424; 1962 Code Section 37-424] recodified as Section 38-19-640 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 558.
SC Code § 38-19-650 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-650. Director's approval required for repayment.

 No repayment of the loan may be made unless approved by the director or his designee. The insurer shall notify the director or his designee in writing not less than sixty days in advance of its intention to repay the loan or any part of it. The director or his designee shall immediately ascertain whether the insurer's financial condition is such that the repayment can properly be made.  HISTORY: Former 1976 Code Section 38-11-850 [1947 (45) 322; 1952 Code Section 37-425; 1962 Code Section 37-425] recodified as Section 38-19-650 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 559.
SC Code § 38-19-660 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-660. Rights of holders of loan upon dissolution.

 Upon dissolution and liquidation of the insurer the holders of such loan agreements remaining unpaid after the retirement of all the insurer's other outstanding obligations are entitled to payment before any distribution may be made to the insurer's members.  HISTORY: Former 1976 Code Section 38-11-860 [1947 (45) 322; 1952 Code Section 37-426; 1962 Code Section 37-426] recodified as Section 38-19-660 by 1987 Act No. 155, Section 1.
SC Code § 38-19-815 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-815. Definitions.

 For the purposes of this article:  (1) "Bulk reinsurance and assumption for the purposes of liquidation" means a transaction in which a mutual insurer wholly reinsures its business with another insurer, transfers all or part of its assets to the other insurer in exchange for an assumption of all of its risks and obligations by the other insurer and proceeds to liquidation.  (2) "Merger" means a transaction in which a mutual insurer is absorbed by another mutual insurer, its assets, franchises, powers, and liabilities are acquired by the other insurer, and it ceases to exist as a separate business entity.  (3) "Conversion" means a transaction in which a mutual insurer reorganizes as a stock insurer and the ownership rights of the members of the mutual insurer are exchanged for cash, stock, or both stock and cash as may be provided by the plan of conversion.  HISTORY: 1988 Act No. 334, Section 1.
SC Code § 38-19-1010 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-1010. Fire and storm insurance; suits; seals.

 The corporation Farmers Mutual Insurance Association of Newberry, S.C. shall have the right to mutually insure the respective dwelling houses, barns, and other buildings and property of every kind and nature of its members, in Newberry County, in counties contiguous thereto, and in any other county in this State where another county mutual insurance association is not authorized to do business by law against loss by fire, winds, or lightning, or other casualty, and to write all forms of property, casualty, and marine insurance as those terms are defined by law, all upon those terms and under those conditions as may be fixed by the bylaws of the corporation provided that all insurance against liability of the insured to other persons must be fully reinsured by the corporation in or with one or more insurance companies licensed to insure these risks under the laws of this State. It may sue and be sued in any court in this State and may have and use a common seal.  HISTORY: 1893 Act No. 462, Section 2; 1968 Act No. 1617; 1988 Act No. 393.
SC Code § 38-19-1020 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-1020. Directors and officers; regulations.

 The corporation may make by-laws, fixing the number of its board of directors and other officers, and defining the duties and powers of the directors and officers; also making rules and regulations governing the corporation and the conduct of its business, not inconsistent with the laws of this State.  HISTORY: 1893 Act No. 462, Section 3.
SC Code § 38-19-1030 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-1030. Liability of members; property pledged; lien.

 Every member of said corporation shall be, and is hereby, bound and obliged to pay his, her or their portion of all losses and expenses accruing to said corporation; and all buildings or other property insured by and with said corporation, together with the rights, title and interest of assured to the lands on which such building or other property may stand, shall be pledged to the said corporation, and the said corporation shall have a lien thereon against the assured, his or her heirs, representatives and assigns, during the continuance of their insurance, as to all debts or liabilities contracted or incurred by said corporation subsequent to the passage of Sections 38-19-1010 through 38-19-1050.  HISTORY: 1893 Act No. 462, Section 4.
SC Code § 38-19-1040 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-1040. Extent of liability; release by transfer rights of purchaser.

 All property insured by said corporation shall be liable as herein provided until all outstanding losses shall have been paid, and until the owner thereof shall have withdrawn his insurance in the manner prescribed by the by-laws of said corporation: Provided, however, That any transfer of such property shall operate as a release of the same under the provisions of Sections 38-19-1010 through 38-19-1050, as to all subsequent liabilities, unless the purchaser or purchasers thereof shall make application to the Board of Directors for a continuance of said insurance within ten days from the date of such transfer, in which event such purchaser or purchasers shall be substituted to all the rights of the vendor under Sections 38-19-1010 through 38-19-1050, and the said property shall be held liable as herein provided, and the provisions of this Section shall apply as well to personal representatives and guardians as to purchasers of such property.  HISTORY: 1893 Act No. 462, Section 5.
SC Code § 38-19-1050 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-1050. Limit of amount insurance.

 The aggregate amount of insurance by said corporation shall not be less than ($25,000) twenty-five thousand dollars nor more than ($1,000,000) one million dollars.  HISTORY: 1893 Act No. 462, Section 6.
SC Code § 38-19-1110 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 19 - Domestic Mutual Insurers|Section 38-19-1110. Authorization to reorganize.

 A domestic or foreign mutual insurer may reorganize as a domestic mutual insurance holding company system as provided in this article.  HISTORY: 1998 Act No. 413, Section 1.