South Carolina § 38-29-50 Association created; membership as a condition of authority to transact insurance; accounts; supervision.

South Carolina Statutes

§ 38-29-50 — Association created; membership as a condition of authority to transact insurance; accounts; supervision.

South Carolina § 38-29-50

Title 38INSURANCE

Ch. 29SOUTH CAROLINA LIFE AND ACCIDENT AND HEALTH INSURANCE GUARANTY ASSOCIATION

This text of South Carolina § 38-29-50 (Association created; membership as a condition of authority to transact insurance; accounts; supervision.) 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. § 38-29-50 (2026).

Text

(1)There is created a nonprofit legal entity to be known as the South Carolina Life and Accident and Health Insurance Guaranty Association. All member insurers are and must remain members of the association as a condition of their authority to transact insurance in this State. The association shall perform its functions under the plan of operation established and approved under Section 38-29-90 and shall exercise its powers through a board of directors established under Section 38-29-60. For purposes of administration and assessment, the association shall maintain three accounts:

(a)the accident and health insurance account;

(b)the life insurance account; and (c) the annuity account.

(2)The association is under the immediate supervision of the department and is subject to the applicabl

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(1) There is created a nonprofit legal entity to be known as the South Carolina Life and Accident and Health Insurance Guaranty Association. All member insurers are and must remain members of the association as a condition of their authority to transact insurance in this State. The association shall perform its functions under the plan of operation established and approved under Section 38-29-90 and shall exercise its powers through a board of directors established under Section 38-29-60. For purposes of administration and assessment, the association shall maintain three accounts: (a) the accident and health insurance account; (b) the life insurance account; and (c) the annuity account. (2) The association is under the immediate supervision of the department and is subject to the applicable insurance laws of this State.

Legislative History

HISTORY: Former 1976 Code SECTION 38-29-50 [1962 Code SECTION 37-1404; 1971 (57) 351; 1986 Act No. 426, SECTION 3] recodified as SECTION 38-21-50 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-17-50 [1962 Code SECTION 37-566; 1972 (57) 2776] recodified as SECTION 38-29-50 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 631; 2020 Act No. 121 (S.580), SECTION 1.A, eff March 24, 2020. Editor's Note 2020 Act No. 121, SECTION 1.B, provides as follows: "[1.]B. The amendments made by this act do not apply to a member insurer that has been placed under an order of rehabilitation or liquidation before July 1, 2020." Effect of Amendment 2020 Act No. 121, SECTION 1.A, reenacted the section with no apparent changes.