South Carolina General Assembly
103rd Session, 1979-1980

Bill 3526

                    Current Status

Bill Number:               3526
Ratification Number:       468
Act Number                 402
Introducing Body:          House
Subject:                   Maximum risk insured shall be
                           limited
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(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."

Time effective

Section 2. This act shall take effect upon approval by the Governor.