As used in this chapter: (1) 'Association' means any joint underwriting association established pursuant to this chapter. (2) 'Professional liability insurance' means insurance protection against the legal liability of the insured and against loss, damage, or expense incident to a claim arising out of service to or representation of any person as the result of negligence or malpractice in rendering or failing to render a professional service. (3) 'Net direct premiums' means gross direct premiums written on bodily injury liability insurance, other than automobile liability insurance, homeowners liability insurance, and farmowners liability insurance, including the liability component of multiple peril package policies, as computed by the director or his designee less return premiums or the unused or unabsorbed portions of premium deposits. HISTORY: 1987 Act No. 62, Section 2; 1993 Act No. 181, Section 833.
South Carolina Legal Code