South Carolina § 38-27-110 Disabilities of delinquent insurer pending repayment to guaranty association.

South Carolina Statutes

§ 38-27-110 — Disabilities of delinquent insurer pending repayment to guaranty association.

South Carolina § 38-27-110

Title 38INSURANCE

Ch. 27INSURERS' REHABILITATION AND LIQUIDATION ACT

This text of South Carolina § 38-27-110 (Disabilities of delinquent insurer pending repayment to guaranty association.) 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. § 38-27-110 (2026).

Text

Until payments of or on account of an insurer's contractual obligations by a guaranty association, including expenses and interest, are repaid to the guaranty association or a plan of repayment by the insurer is approved by the guaranty association, no insurer that is subject to a delinquency proceeding, whether formal or informal, administrative or judicial, may:

(1)be released from the proceeding unless it is converted into a judicial rehabilitation or liquidation proceeding;

(2)be permitted to solicit or accept new business or request or accept the restoration of a suspended or revoked license or certificate of authority;

(3)be returned to the control of its shareholders or private management; or (4) have its assets returned to the control of its shareholders or private management.

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Until payments of or on account of an insurer's contractual obligations by a guaranty association, including expenses and interest, are repaid to the guaranty association or a plan of repayment by the insurer is approved by the guaranty association, no insurer that is subject to a delinquency proceeding, whether formal or informal, administrative or judicial, may: (1) be released from the proceeding unless it is converted into a judicial rehabilitation or liquidation proceeding; (2) be permitted to solicit or accept new business or request or accept the restoration of a suspended or revoked license or certificate of authority; (3) be returned to the control of its shareholders or private management; or (4) have its assets returned to the control of its shareholders or private management.