South Carolina Statutes
§ 38-27-360 — Grounds for liquidation.
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.
Free access — add to your briefcase to read the full text and ask questions with AI
South Carolina § 38-27-360 (Grounds for liquidation.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
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.
Nearby Sections
15
§ 38-27-10
Short title.§ 38-27-1000
Subordination of claims for noncooperation.§ 38-27-20
Construction.§ 38-27-220
Court's seizure order.§ 38-27-230
Confidentiality of hearings.§ 38-27-30
Purpose.§ 38-27-310
Grounds for rehabilitation.§ 38-27-320
Rehabilitation orders.§ 38-27-330
Powers and duties of rehabilitator.§ 38-27-340
Actions by and against rehabilitator.§ 38-27-350
Termination of rehabilitation.§ 38-27-360
Grounds for liquidation.§ 38-27-370
Liquidation orders.