A plan shall establish loss reserves for all incurred losses, both reported and unreported, and for unearned premiums, in the same manner required for health insurers under Sections 38-9-170 and 38-9-190. A plan also shall establish a surplus account equal to the greater of: (a) three times the average paid monthly premium during the plan's most recent fund year; (b) for plans which do not yet have one fund year's experience, three times estimated monthly premium; or (c) one hundred thousand dollars. HISTORY: Former 1976 Code Section 38-65-50 [1985 Act No. 137, Section 5] recodified as Section 38-41-70 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 654.
South Carolina Legal Code