South Carolina Statutes
§ 38-31-110 — Detection and prevention of insurer insolvencies.
South Carolina·Title 38 INSURANCE·Ch. 31 SOUTH CAROLINA PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOCIATION
(A)The board of directors, upon majority vote, may make recommendations to the director, his designee, and the department for the detection and prevention of insurer insolvencies.
(B)The board of directors, at the conclusion of any insurer insolvency in which the association was obligated to pay covered claims, may prepare a report on the history and causes of the insolvency, based on the information available to the association, and submit the report to the department.
(C)The board of directors, upon majority vote, may respond to requests by the director or his designee to discuss and make recommendations regarding the status of any member insurer whose financial condition may be hazardous to policyholders or the public. These recommendations are not considered public documents.
Free access — add to your briefcase to read the full text and ask questions with AI
South Carolina § 38-31-110 (Detection and prevention of insurer insolvencies.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: Former 1976 Code SECTION 38-31-110 [1962 Code SECTION 37-312; 1969 (56) 699] recodified as SECTION 38-65-310 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-19-110 [1962 Code SECTION 37-830; 1971 (57) 1001] recodified as SECTION 38-31-110 by 1987 Act No. 155, SECTION 1; 1988 Act No. 402, SECTION 6; 1993 Act No. 181, SECTION 632.
Nearby Sections
15
§ 38-31-10
Short title.§ 38-31-100
Exhaustion of other coverage and claims.§ 38-31-140
Rates.§ 38-31-160
Stay of proceedings involving insolvent insurers; rights of Association in these proceedings.§ 38-31-170
Termination of Association by director.§ 38-31-20
Definitions.§ 38-31-30
Application of chapter.§ 38-31-40
Association created; membership as condition of authority to transact insurance; accounts.§ 38-31-50
Board of directors.§ 38-31-60
Powers and duties of Association.§ 38-31-70
Plan of operation.