Home/South Carolina/Statutes/Title 38: INSURANCE/Ch. 38: FRATERNAL BENEFIT SOCIETIES/§ 38-38-240
South Carolina Statutes

§ 38-38-240 — Reinsurance.

South Carolina·Title 38 INSURANCE·Ch. 38 FRATERNAL BENEFIT SOCIETIES
(A)A domestic ceding society must comply with Section 38-9-200, but the society may not reinsure substantially all of its insurance in force without the written permission of the director or his designee.
(B)Notwithstanding subsection (A) of this section, a domestic society may reinsure the risks of another society in a consolidation, merger, or assumption reinsurance transaction approved by the director or his designee.

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South Carolina § 38-38-240 (Reinsurance.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: 2000 Act No. 259, SECTION 1.

Nearby Sections

15
§ 38-38-10
Fraternal benefit society defined.
§ 38-38-110
Membership provisions in bylaws or rules.
§ 38-38-120
Principal place of business; publication of required notice; annual statement of condition; grievance procedure.
§ 38-38-130
Liability of officers for benefit payments; civil action expense indemnification; liability insurance coverage for officers; cause of action against officers.
§ 38-38-140
Waiver of bylaw provisions.
§ 38-38-20
Lodge system operating requirements; lodges for children.
§ 38-38-210
Requirements for formation of domestic society.
§ 38-38-220
Amendment of bylaws; notice to director.
§ 38-38-230
Not-for-profit institutions for benefit of members.
§ 38-38-240
Reinsurance.
§ 38-38-250
Consolidation or merger of domestic societies.
§ 38-38-260
Reorganization into mutual life insurer.
§ 38-38-30
Representative form of government requirements.
§ 38-38-310
Contractual benefits allowed; persons covered.
§ 38-38-320
Designation and change of beneficiary; payment of death benefits.
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