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Bill Number: 3526 Ratification Number: 468 Act Number 402 Introducing Body: House Subject: Maximum risk insured shall be limited
(A402, R468, H3526)
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 38-9-185 SO AS TO LIMIT THE MAXIMUM RISK INSURED BY TITLE INSURANCE COMPANIES.
Be it enacted by the General Assembly of the State of South Carolina:
Maximum risk insured shall be limited
Section 1. The 1976 Code is amended by adding:
"Section 38-9-185. No company transacting title insurance in this State shall expose itself to any one risk in an amount exceeding fifty percent of the aggregate amount of its total capital and surplus and its reserves other than its loss or claim reserves. As used in this section, the words 'any one risk' shall mean the risk or hazard attaching to or arising in connection with any one piece or parcel of property, whether or not the policy insures other property. Any risk or portion of any risk which shall have been reinsured as authorized in this title shall be deducted in determining the limitation of risk prescribed in this section."
Section 2. This act shall take effect upon approval by the Governor.