South Carolina § 38-55-120 Procedure when insurer fails to pay final judgment.

South Carolina Statutes

§ 38-55-120 — Procedure when insurer fails to pay final judgment.

South Carolina·Title 38 INSURANCE·Ch. 55 CONDUCT OF INSURANCE BUSINESS

If an insurer fails to pay a final judgment rendered against it within fifteen days after the judgment becomes final, upon written application of the holder of the judgment the director or his designee shall give fifteen days' written notice to the insurer to pay the judgment and, upon the insurer's failure to pay the judgment within the time, shall revoke the license of the insurer to do business in this State and impound its bond or securities required to be deposited under Sections 38-9-80 through 38-9-140 or Section 38-15-30. In the event the director or his designee revokes the license of the insurer, he shall take any steps he considers necessary for the protection of the insurer's policyholders in this State. A judgment creditor may proceed with the collection of his judgment out of

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If an insurer fails to pay a final judgment rendered against it within fifteen days after the judgment becomes final, upon written application of the holder of the judgment the director or his designee shall give fifteen days' written notice to the insurer to pay the judgment and, upon the insurer's failure to pay the judgment within the time, shall revoke the license of the insurer to do business in this State and impound its bond or securities required to be deposited under Sections 38-9-80 through 38-9-140 or Section 38-15-30. In the event the director or his designee revokes the license of the insurer, he shall take any steps he considers necessary for the protection of the insurer's policyholders in this State. A judgment creditor may proceed with the collection of his judgment out of the securities in the possession of the director or his designee or the bond filed with him.

South Carolina § 38-55-120 (Procedure when insurer fails to pay final judgment.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: Former 1976 Code SECTION 38-55-120 [1947 (45) 322; 1952 Code SECTION 37-1202; 1962 Code SECTION 37-1212; 1964 (53) 2293] recodified as SECTION 38-57-120 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-5-810 [1947 (45) 322; 1948 (45) 1734; 1952 Code SECTION 37-191; 1962 Code SECTION 37-191] recodified as SECTION 38-55-120 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 707.