All insurers defined as member insurers in Section 38-31-20(8) are members of the Association as a condition of their authority to transact insurance in South Carolina.
SC Guaranty Association does not use state funding. The Association assesses member insurers for funds necessary to pay the obligations of the Association. The assessments are typically a small percentage of the net direct written premium written in the state. To the extent possible, the Association also files a claim within the receivership proceedings to obtain funds remaining in the insolvent insurer's estate assets. This process generally takes years.