South Carolina Statutes
§ 38-19-1180 — Dividends and distributions; effect of adoption or implementation of plan of reorganization.
A mutual insurance holding company shall not be authorized to pay dividends or make distributions except as may be expressly approved by the Director of the Department of Insurance. Neither the adoption nor the implementation of a plan of reorganization shall be considered to give rise to an obligation on behalf of a mutual insurance holding company to make a distribution or payment to a member or policyholder, or to another person, board, or entity of any nature whatsoever, in connection with the ownership, control, benefits, policies, purpose, or nature of the mutual insurance company, or otherwise.
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South Carolina § 38-19-1180 (Dividends and distributions; effect of adoption or implementation of plan of reorganization.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1998 Act No. 413, SECTION 1.
Nearby Sections
15
§ 38-19-10
Membership in mutual insurer.§ 38-19-1010
Fire and storm insurance; suits; seals.§ 38-19-1020
Directors and officers; regulations.§ 38-19-1030
Liability of members; property pledged; lien.§ 38-19-1050
Limit of amount insurance.§ 38-19-1110
Authorization to reorganize.§ 38-19-1120
Transition to domestic mutual insurance holding company system; membership interests of policyholders.§ 38-19-1130
Plan of reorganization; approval; contents.§ 38-19-1150
Policyholder meeting to vote on plan.§ 38-19-1180
Dividends and distributions; effect of adoption or implementation of plan of reorganization.§ 38-19-1190
Demutualization.