Except as otherwise provided in this title, no insurer doing business in this State may expose itself to a loss on one risk in an amount exceeding ten percent of its surplus to policyholders. A risk or portion of it which has been reinsured must be deducted in determining the limitation of risk prescribed in this section. This section does not apply to captive insurers.
HISTORY: Former 1976 Code Section 38-55-30 [1947 (45) 322; 1952 Code Section 37-1204; 1962 Code Section 37-1203; 1964 (53) 2293] recodified as Section 38-57-30 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-9-180 [1947 (45) 322; 1952 Code Section 37-153; 1962 Code Section 37-153] recodified as Section 38-55-30 by 1987 Act No. 155, Section 1; 1991 Act No. 13, Section 27; 2001 Act No. 82, Section 18, eff July 20, 2001.