# S.C. Code Ann. § 38-9-10: SECTION 38-9-10. Capital and surplus required of stock insurers; delinquency

> South Carolina · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C9_A1_S38-9-10

## Section

- **Citation:** S.C. Code Ann. § 38-9-10
- **Heading:** SECTION 38-9-10. Capital and surplus required of stock insurers; delinquency
- **Jurisdiction:** South Carolina
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** SC Code / Title 38 / Chapter 9 / Article 1 / Section 38-9-10

## Text

(A)(1) Before licensing a stock insurer, the director or his designee shall require the insurer to be possessed of capital which must be maintained at all times and surplus, twenty-five percent of which must be maintained at all times, in amounts not less than: (2) The director or his designee may require additional initial capital and surplus based on the type or nature of business transacted, and the initial capital and surplus of the insurer must consist of cash or marketable securities that qualify as admitted assets on the most recent statutory financial statement of the insurer filed with the department pursuant to Section 38-13-80. (B) If the surplus of a stock insurer is less than twenty-five percent of the surplus initially required, as set forth in subsection (A), the insurer is considered delinquent, and the director or his designee may begin delinquency proceedings as provided by Chapter 27 of this title. (C) If the capital of a stock insurer is impaired, the insurer is delinquent, and the director or his designee shall begin delinquency proceedings.

## Nearby sections

- [S.C. Code Ann. § 38-9-10 SECTION 38-9-10. Capital and surplus required of stock insurers; delinquency.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C9_A1_S38-9-10.md)
- [S.C. Code Ann. § 38-9-20 SECTION 38-9-20. Surplus required of mutual insurers; delinquency.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C9_A1_S38-9-20.md)
- [S.C. Code Ann. § 38-9-30 SECTION 38-9-30. Capital and surplus requirements of insurers licensed as of July 1, 1988; delinquency.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C9_A1_S38-9-30.md)
- [S.C. Code Ann. § 38-9-40 SECTION 38-9-40. Director to notify insurers of amounts required; annual schedule.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C9_A1_S38-9-40.md)
- [S.C. Code Ann. § 38-9-50 SECTION 38-9-50. Restrictions on kinds of insurance that insurers may write.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C9_A1_S38-9-50.md)
- [S.C. Code Ann. § 38-9-60 SECTION 38-9-60. No limitation on certain license provisions.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C9_A1_S38-9-60.md)
- [S.C. Code Ann. § 38-9-70 SECTION 38-9-70. Insurers may make deposits to do business in other states.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C9_A1_S38-9-70.md)
- [S.C. Code Ann. § 38-9-80 SECTION 38-9-80. Certificates of deposits or securities required; amounts; factors considered in setting amounts; limits.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C9_A1_S38-9-80.md)
- [S.C. Code Ann. § 38-9-90 SECTION 38-9-90. Securities or bonds must be held as security for claims.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C9_A1_S38-9-90.md)
- [S.C. Code Ann. § 38-9-100 SECTION 38-9-100. Deposit of securities not necessary when made with other states.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C9_A1_S38-9-100.md)
- [S.C. Code Ann. § 38-9-110 SECTION 38-9-110. Voluntary deposits for compliance with laws of other states.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C9_A1_S38-9-110.md)
- [S.C. Code Ann. § 38-9-120 SECTION 38-9-120. Exchange of deposited securities.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C9_A1_S38-9-120.md)
- [S.C. Code Ann. § 38-9-130 SECTION 38-9-130. Interest on deposited securities.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C9_A1_S38-9-130.md)
- [S.C. Code Ann. § 38-9-140 SECTION 38-9-140. Principal of deposited securities.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C9_A1_S38-9-140.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C9_A1_S38-9-10. Check the current official text before relying on it. Not legal advice.