South Carolina § 38-27-550 Proof of claim.

South Carolina Statutes

§ 38-27-550 — Proof of claim.

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

(a)Proof of claim consists of a statement signed by the claimant that includes all of the following that are applicable:

(1)the particulars of the claim, including the consideration given for it;

(2)the identity and amount of the security on the claim;

(3)the payments made on the debt, if any;

(4)that the sum claimed is justly owing and that there is no setoff, counterclaim, or defense to the claim;

(5)any right of priority of payment or other specific right asserted by the claimants;

(6)a copy of the written instrument which is the foundation of the claim;

(7)the name and address of the claimant and the attorney who represents him, if any.

(b)No claim need be considered or allowed if it does not contain all the information in subsection (a) which may be applicable. The liquidator

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(a) Proof of claim consists of a statement signed by the claimant that includes all of the following that are applicable: (1) the particulars of the claim, including the consideration given for it; (2) the identity and amount of the security on the claim; (3) the payments made on the debt, if any; (4) that the sum claimed is justly owing and that there is no setoff, counterclaim, or defense to the claim; (5) any right of priority of payment or other specific right asserted by the claimants; (6) a copy of the written instrument which is the foundation of the claim; (7) the name and address of the claimant and the attorney who represents him, if any. (b) No claim need be considered or allowed if it does not contain all the information in subsection (a) which may be applicable. The liquidator may require that a prescribed form be used and may require that other information and documents be included. (c) At any time the liquidator may request the claimant to present information or evidence supplementary to that required under subsection (a) and may take testimony under oath, require production of affidavits or depositions, or otherwise obtain additional information or evidence. (d) No judgment or order against an insured or the insurer entered after the date of filing of a successful petition for liquidation and no judgment or order against an insured or the insurer entered at any time by default or by collusion need be considered as evidence of liability or of quantum of damages. No judgment or order against an insured or the insurer entered within four months before the filing of the petition need be considered as evidence of liability or of the quantum of damages. (e) All claims of a guaranty association or foreign guaranty association must be in the form and shall contain the substantiation as agreed to by the association and the liquidator.

South Carolina § 38-27-550 (Proof of claim.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.