A deficit sustained by the association in a year must be recouped, pursuant to the plan of operation and the rating plan then in effect, by one or both of the following procedures: (1) an assessment upon the policyholders, which may not exceed one additional annual premium at the then current rate; (2) a rate increase applicable prospectively. HISTORY: 1989 Act No. 189, Part II, Section 43 sub 25; 1993 Act No. 181, Section 845.
South Carolina Legal Code