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·Title 38 INSURANCE·Ch. 5 AUTHORITY AND REQUIREMENTS TO TRANSACT BUSINESS

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

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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]

South Carolina § 38-5-10 (Insurers must be licensed and supervised; exceptions.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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.