South Carolina § 38-21-20 Authority of insurers to organize or acquire subsidiaries.

South Carolina Statutes

§ 38-21-20 — Authority of insurers to organize or acquire subsidiaries.

South Carolina § 38-21-20

Title 38INSURANCE

Ch. 21INSURANCE HOLDING COMPANY REGULATORY ACT

This text of South Carolina § 38-21-20 (Authority of insurers to organize or acquire subsidiaries.) 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. § 38-21-20 (2026).

Text

A domestic insurer, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries engaged in the following kinds of business:

(1)Any kind of insurance business authorized by the jurisdiction in which it is incorporated;

(2)Acting as an insurance broker or as an insurance agent for its parent or for any of its parent's insurer subsidiaries;

(3)Investing, reinvesting, or trading in securities for its own account, that of its parent, any subsidiary of its parent, or any affiliate or subsidiary;

(4)Management of an investment company subject to or registered pursuant to the Investment Company Act of 1940, as amended, including related sales and services;

(5)Acting as a broker-dealer subject to or registered pursuant to the Securities Exchang

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A domestic insurer, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries engaged in the following kinds of business: (1) Any kind of insurance business authorized by the jurisdiction in which it is incorporated; (2) Acting as an insurance broker or as an insurance agent for its parent or for any of its parent's insurer subsidiaries; (3) Investing, reinvesting, or trading in securities for its own account, that of its parent, any subsidiary of its parent, or any affiliate or subsidiary; (4) Management of an investment company subject to or registered pursuant to the Investment Company Act of 1940, as amended, including related sales and services; (5) Acting as a broker-dealer subject to or registered pursuant to the Securities Exchange Act of 1934, as amended; (6) Rendering investment advice to governments, government agencies, corporations, or other organizations or groups; (7) Rendering other services related to the operations of an insurance business, including, but not limited to, actuarial, loss prevention, safety engineering, data processing, accounting, claims, appraisal, and collection services; (8) Ownership and management of assets which the parent corporation could itself own or manage; (9) Acting as administrative agent for a governmental instrumentality which is performing an insurance function; (10) Financing of insurance premiums, agents, and other forms of consumer financing; (11) Any other business activity determined by the director or his designee to be reasonably ancillary to an insurance business; or (12) Owning a corporation or corporations engaged or organized to engage exclusively in one or more of the businesses specified in this section.

Legislative History

HISTORY: Former 1976 Code SECTION 38-21-20 [1947 (45) 322; 1952 Code SECTION 37-852; 1962 Code SECTION 37-852] recodified as SECTION 38-37-20 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-29-20 [1962 Code SECTION 37-1401; 1971 (57) 351] recodified as SECTION 38-21-20 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 562.