South Carolina § 38-38-240 Reinsurance.

South Carolina Statutes

§ 38-38-240 — Reinsurance.

South Carolina § 38-38-240

Title 38INSURANCE

Ch. 38FRATERNAL BENEFIT SOCIETIES

This text of South Carolina § 38-38-240 (Reinsurance.) 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. § 38-38-240 (2026).

Text

(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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(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.