South Carolina § 38-21-350 Director may take possession of property and conduct business of insurer.

South Carolina Statutes

§ 38-21-350 — Director may take possession of property and conduct business of insurer.

South Carolina § 38-21-350

Title 38INSURANCE

Ch. 21INSURANCE HOLDING COMPANY REGULATORY ACT

This text of South Carolina § 38-21-350 (Director may take possession of property and conduct business of insurer.) 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. § 38-21-350 (2026).

Text

Whenever it appears to the director or his designee that a person has committed a violation of this chapter which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, or the public, then the director or his designee may proceed as provided in Chapter 27 of this title to take possession of the property of the insurer and to conduct its business.

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Whenever it appears to the director or his designee that a person has committed a violation of this chapter which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, or the public, then the director or his designee may proceed as provided in Chapter 27 of this title to take possession of the property of the insurer and to conduct its business.

Legislative History

HISTORY: Former 1976 Code SECTION 38-29-340 [1962 Code SECTION 37-1432; 1971 (57) 351; 1986 Act No. 426, SECTION 21] recodified as SECTION 38-21-350 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 591.