Loans may not be part of legal liabilities but must be reflected in financial statements.

  1. Law
  2. South Carolina Code of Laws
  3. Insurance
  4. Domestic Mutual Insurers
  5. Loans may not be part of legal liabilities but must be reflected in financial statements.

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Any money so borrowed may not form a part of the insurer's legal liabilities or be the basis of any setoff but, until it is repaid, financial statements filed or published by the insurer shall show as a footnote the amount of the loan then unpaid together with interest accrued but unpaid.

HISTORY: Former 1976 Code Section 38-11-820 [1947 (45) 322; 1952 Code Section 37-422; 1962 Code Section 37-422] recodified as Section 38-19-620 by 1987 Act No. 155, Section 1.


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