South Carolina Statutes
§ 38-19-1230 — Filing of annual statements; audit; notice of stock offering.
(A)A mutual insurance holding company shall file with the Director of the Department of Insurance an annual income statement, balance sheet, and cash flow statement, and a statement regarding any encumbrances or plans to encumber the assets of the mutual insurance holding company.
(B)A mutual insurance holding company shall have an annual audit by an independent certified public accountant and shall file an audited financial report with the Director of the Department of Insurance by June first of each year.
(C)A mutual insurance holding company shall notify the director ninety days prior to any initial and subsequent subsidiary stock offering for review by the director for compliance with all applicable state law and the offering shall be deemed approved by the director within thirty da
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South Carolina § 38-19-1230 (Filing of annual statements; audit; notice of stock offering.) — 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.