South Carolina § 38-21-160 Information which need not be disclosed in registration statement.

South Carolina Statutes

§ 38-21-160 — Information which need not be disclosed in registration statement.

South Carolina·Title 38 INSURANCE·Ch. 21 INSURANCE HOLDING COMPANY REGULATORY ACT

No information need be disclosed on the registration statement filed pursuant to Section 38-21-140 if the information is not material for the purposes of this chapter. Unless the department by regulation or by order of the director or his designee provides otherwise, sales, purchases, exchanges, loans or extension of credit, investments, or guarantees involving one-half of one percent or less of an insurer's admitted assets as of the previous December thirty-first are not considered material for purposes of Sections 38-21-140 through 38-21-240. The definition of materiality provided in this section does not apply for purposes of the Group Capital Calculation or the Liquidity Test Framework.

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No information need be disclosed on the registration statement filed pursuant to Section 38-21-140 if the information is not material for the purposes of this chapter. Unless the department by regulation or by order of the director or his designee provides otherwise, sales, purchases, exchanges, loans or extension of credit, investments, or guarantees involving one-half of one percent or less of an insurer's admitted assets as of the previous December thirty-first are not considered material for purposes of Sections 38-21-140 through 38-21-240. The definition of materiality provided in this section does not apply for purposes of the Group Capital Calculation or the Liquidity Test Framework.

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Legislative History

HISTORY: Former 1976 Code SECTION 38-29-160 [1962 Code SECTION 37-1414; 1971 (57) 351] recodified as SECTION 38-21-160 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 574; 2025 Act No. 17 (S.220), SECTION 5, eff May 8, 2025. Effect of Amendment 2025 Act No. 17, SECTION 5, in the second sentence, substituted "investments, or guarantees" for "or investments"; and added the last sentence.