South Carolina § 38-5-10 Insurers must be licensed and supervised; exceptions.

South Carolina Statutes

§ 38-5-10 — Insurers must be licensed and supervised; exceptions.

South Carolina § 38-5-10

Title 38INSURANCE

Ch. 5AUTHORITY AND REQUIREMENTS TO TRANSACT BUSINESS

This text of South Carolina § 38-5-10 (Insurers must be licensed and supervised; exceptions.) 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. § 38-5-10 (2026).

Text

Every insurer doing business in this State must be licensed and supervised by the director or his designee, with the following exceptions:

(a)Without excluding other activities which may not constitute doing business in this State, a foreign or alien insurer is not considered to be doing business in this State, for purposes of this chapter, or Chapter 7, 13, 25, or 27, solely by reason of carrying on in this State any one or more of the following activities:

(1)Maintaining bank accounts.

(2)Creating or acquiring evidences of debt, mortgages, or liens on real or personal property, and enforcing rights in connection therewith in any action or proceeding, whether judicial, administrative, or otherwise.

(3)Owning and controlling a subsidiary corporation incorporated in or transacting busin

Free access — add to your briefcase to read the full text and ask questions with AI

Every insurer doing business in this State must be licensed and supervised by the director or his designee, with the following exceptions: (a) Without excluding other activities which may not constitute doing business in this State, a foreign or alien insurer is not considered to be doing business in this State, for purposes of this chapter, or Chapter 7, 13, 25, or 27, solely by reason of carrying on in this State any one or more of the following activities: (1) Maintaining bank accounts. (2) Creating or acquiring evidences of debt, mortgages, or liens on real or personal property, and enforcing rights in connection therewith in any action or proceeding, whether judicial, administrative, or otherwise. (3) Owning and controlling a subsidiary corporation incorporated in or transacting business within this State. (b) [Reserved]

Legislative History

HISTORY: 1947 (45) 322; 1952 Code SECTION 37-101; 1962 Code SECTION 37-101; 1964 (53) 1796; 1976 Code SECTION 38-5-10; 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 533.