58-5-110. Legal liabilities of insurer on borrowed funds--Disclosure in financial statement.
80 words·~1 min read·
/sd/title-58/chapter-58-5/58-5-110A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Money borrowed pursuant to § 58-5-108 , together with the interest thereon if so stipulated in the agreement, shall not form a part of the insurer's legal liabilities except as to its surplus in excess of the amount thereof stipulated in the agreement, or be the basis of any setoff; but until repaid, financial statements filed or published by the insurer shall show as a footnote thereto the amount thereof then unpaid together with any interest thereon accrued but unpaid.