South Carolina § 38-27-360 Grounds for liquidation.

South Carolina Statutes

§ 38-27-360 — Grounds for liquidation.

South Carolina § 38-27-360

Title 38INSURANCE

Ch. 27INSURERS' REHABILITATION AND LIQUIDATION ACT

This text of South Carolina § 38-27-360 (Grounds for liquidation.) 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. § 38-27-360 (2026).

Text

The director or his designee may petition the circuit court as provided by law for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this State on the basis:

(1)of any ground for an order of rehabilitation as specified in Section 38-27-310, whether or not there has been a prior order directing the rehabilitation of the insurer;

(2)that the insurer is insolvent; or (3) that the insurer is in such a condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors, or the public.

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The director or his designee may petition the circuit court as provided by law for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this State on the basis: (1) of any ground for an order of rehabilitation as specified in Section 38-27-310, whether or not there has been a prior order directing the rehabilitation of the insurer; (2) that the insurer is insolvent; or (3) that the insurer is in such a condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors, or the public.

Legislative History

HISTORY: Former 1976 Code SECTION 38-5-2060 [1982 Act No. 384, SECTION 17] recodified as SECTION 38-27-360 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 615.