The security required under this chapter is a policy or policies written by insurers authorized to write such policies in South Carolina providing for at least (1) the minimum coverages specified in Sections 38-77-140 through 38-77-230 and (2) the benefits required under Sections 38-77-240, 38-77-250, and 38-77-260. However, the director or his designee may approve and accept another form of security in lieu of such a liability insurance policy if he finds that such other form of security is adequate to provide and does in fact provide the benefits required by this chapter.
HISTORY: Former 1976 Code Section 56-11-200 [1962 Code Section 46-750.120; 1974 (58)2718] repealed by 1987 Act No. 155, Section 25, and recodified as Section 56-10-20 by 1987 Act No. 155, Section 9; 1993 Act No. 181, Section 1474; 1996 Act No. 459, Section 219.