South Carolina § 38-5-130 Monetary penalty in lieu of license revocation or suspension.

South Carolina Statutes

§ 38-5-130 — Monetary penalty in lieu of license revocation or suspension.

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

The director or his designee may, in lieu of license revocation or suspension as provided by Section 38-5-120, impose a monetary penalty as provided in Section 38-2-10 for each violation or failure of compliance or refusal to submit or perform as prescribed therein. Series of acts by an insurer which merely implement a basic violation and are not separate and distinct violations of an independent nature are considered to be part of the basic violation and only one penalty may be imposed thereon.

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The director or his designee may, in lieu of license revocation or suspension as provided by Section 38-5-120, impose a monetary penalty as provided in Section 38-2-10 for each violation or failure of compliance or refusal to submit or perform as prescribed therein. Series of acts by an insurer which merely implement a basic violation and are not separate and distinct violations of an independent nature are considered to be part of the basic violation and only one penalty may be imposed thereon.

South Carolina § 38-5-130 (Monetary penalty in lieu of license revocation or suspension.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: Former 1976 Code SECTION 38-5-130 [1947 (45) 322; 1952 Code SECTION 37-108; 1962 Code SECTION 37-108] recodified as 38-5-100 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-5-165 [1962 Code 37-112.1; 1977 Act No. 61] recodified as SECTION 38-5-130 by 1987 Act No. 155, SECTION 1; 1988 Act No. 374, SECTION 4; 1993 Act No. 181, SECTION 533.