# S.C. Code Ann. § 38-9-100: SECTION 38-9-100. Deposit of securities not necessary when made with other states

> South Carolina · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C9_A1_S38-9-100

## Section

- **Citation:** S.C. Code Ann. § 38-9-100
- **Heading:** SECTION 38-9-100. Deposit of securities not necessary when made with other states
- **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 38-9-100

## Text

If a qualified insurer deposits with an officer or official body of another state for the protection of all its policyholders, or all its policyholders and creditors, acceptable securities not in default as to principal or interest and of a current market value of not less than one million dollars, and delivers to the director or his designee a certificate to that effect, authenticated by the appropriate state official holding the deposit, the insurer may be relieved of making the deposit required by Section 38-9-80. For the purpose of this section a 'qualified insurer' is a licensed stock insurer possessed of at least ten million dollars of capital and surplus or a licensed mutual, fraternal, or reciprocal insurer possessed of at least ten million dollars of surplus, according to its most recent annual statement filed with the director or his designee and, in the discretion of the director or his designee, may include eligible surplus lines insurers which meet these capital and surplus requirements. For the purpose of this section, "acceptable securities" means bonds of the United States or of a state of the United States, or of a municipality or county, upon which is pledged the full faith and credit of the appropriate political division, or bonds or notes secured by mortgages or deeds of trust on otherwise unencumbered real estate of a market value of not less than double the amount loaned, or other securities approved by the director or his designee.

## 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_S38-9-100. Check the current official text before relying on it. Not legal advice.