South Carolina Statutes
§ 38-19-490 — Revocation of authority to issue nonassessable policies.
The director or his designee shall revoke the authority of a domestic mutual insurer to extinguish the contingent liability of its members if:
(1)at any time the insurer's surplus is less than the minimum capital and surplus required of a stock insurer to transact similar kinds of business; or (2) the insurer, by resolution of its directors approved by its members, requests that the authority be revoked. Upon revocation of this authority for any cause the insurer may not thereafter issue any policies without contingent liability nor renew any policies then in force without written endorsement thereon providing for contingent liability.
Free access — add to your briefcase to read the full text and ask questions with AI
South Carolina § 38-19-490 (Revocation of authority to issue nonassessable policies.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: Former 1976 Code SECTION 38-11-690 [1947 (45) 322; 1952 Code SECTION 37-409; 1962 Code SECTION 37-409] recodified as SECTION 38-19-490 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 556. ARTICLE 7 Borrowing
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.