(1) Unless a longer period has been allowed by the director or his designee, a member insurer, at its option, has the right to show a certificate of contribution as an asset in the form approved by the director or his designee pursuant to Section 38-29-80(8) at percentages of the original face amount approved by the director or his designee, for calendar years as follows: (a) one hundred percent for the calendar year of issuance; (b) eighty percent for the first calendar year after the year of issuance; (c) sixty percent for the second calendar year after the year of issuance; (d) forty percent for the third calendar year after the year of issuance; (e) twenty percent for the fourth calendar year after the year of issuance; and (f) zero percent for the fifth calendar year after the year of issuance and thereafter. (2) The insurer may offset the amount written off by it in a calendar year under subsection (1) against its premium, or income, tax liability to this State accrued with respect to business transacted in that year. (3) Any sums acquired by refund, pursuant to Section 38-29-80(6), from the association which have previously been written off by contributing insurers and offset against premium (or income) taxes as provided in subsection (2) of this section and are not then needed for purposes of this chapter must be paid by the association to the department and by him deposited with the State Treasurer for credit to the general fund of this State. Editor's Note 2020 Act No. 121, SECTION 1.B, provides as follows: "[1.]B. The amendments made by this act do not apply to a member insurer that has been placed under an order of rehabilitation or liquidation before July 1, 2020." Effect of Amendment 2020 Act No. 121, SECTION 1.A, in (1), inserted the (a) to (f) designators, and made nonsubstantive changes.
‹ Prev All South Carolina sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.