South Carolina Statutes
§ 38-55-150 — Accepting premiums or assessments in insolvent insurer.
South Carolina § 38-55-150
This text of South Carolina § 38-55-150 (Accepting premiums or assessments in insolvent insurer.) 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. § 38-55-150 (2026).
Text
It is unlawful for a director or officer of an insurer to wilfully receive a premium or assessment on behalf of the insurer, knowing at the time of receipt of the premium or assessment that the insurer is insolvent according to the laws of its home state, and to fail to notify the person paying the premium or assessment of this fact. A person who violates the provisions of this section is guilty of a misdemeanor and, upon conviction, must be fined in the discretion of the court or imprisoned not more than three years.
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Legislative History
HISTORY: Former 1976 Code SECTION 38-55-150 [1947 (45) 322; 1952 Code SECTION 37-1202; 1962 Code SECTION 37-1215; 1964 (53) 2293; 1968 (55) 2500] recodified as SECTION 38-57-150 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-9-270 [1947 (45) 322; 1952 Code SECTION 37-163; 1962 Code SECTION 37-163] recodified as SECTION 38-55-150 by 1987 Act No. 155, SECTION 1; 1993 Act No. 184, SECTION 218.
Nearby Sections
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§ 38-55-100
Tontine plans prior to May 12, 1947.§ 38-55-110
Reserve requirements for tontine policies.§ 38-55-170
Presenting false claims for payment.Cite This Page — Counsel Stack
Bluebook (online)
South Carolina § 38-55-150, Counsel Stack Legal Research, https://law.counselstack.com/statute/sc/55/38-55-150.