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·Title 38 INSURANCE·Ch. 27 INSURERS' REHABILITATION AND LIQUIDATION ACT

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.

Free access — add to your briefcase to read the full text and ask questions with AI

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.

South Carolina § 38-27-110 (Disabilities of delinquent insurer pending repayment to guaranty association.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.