South Carolina § 38-19-1180 Dividends and distributions; effect of adoption or implementation of plan of reorganization.

South Carolina Statutes

§ 38-19-1180 — Dividends and distributions; effect of adoption or implementation of plan of reorganization.

South Carolina § 38-19-1180

Title 38INSURANCE

Ch. 19DOMESTIC MUTUAL INSURERS

This text of South Carolina § 38-19-1180 (Dividends and distributions; effect of adoption or implementation of plan of reorganization.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 38-19-1180 (2026).

Text

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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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.