South Carolina § 38-9-120 Exchange of deposited securities.

South Carolina Statutes

§ 38-9-120 — Exchange of deposited securities.

South Carolina § 38-9-120

Title 38INSURANCE

Ch. 9CAPITAL, SURPLUS, RESERVES, AND OTHER FINANCIAL MATTERS

This text of South Carolina § 38-9-120 (Exchange of deposited securities.) 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. § 38-9-120 (2026).

Text

A depositing insurer may exchange for the deposited securities, or any of them, other securities eligible for deposit under Sections 38-9-80 to 38-9-140 if, in the opinion of the director or his designee, the aggregate value of the deposit will not be reduced below the amount required by law.

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Legislative History

HISTORY: Former 1976 Code SECTION 38-9-120 [1918 (30) 763; 1919 (31) 133; Civ. C. '22 SECTION 5461; 1932 Code SECTION 9049; 1934 (38) 1493; 1942 Code SECTION 9049; 1952 Code SECTION 37-149.1; 1952 (47) 1893; 1955 (49) 152; 1962 Code SECTION 37-149.1; 1973 (58) 335] has no comparable provisions in 1987 Act No. 155; Former 1976 Code SECTION 38-5-720 [1962 Code SECTION 37-185.5; 1962 (52) 2148] recodified as SECTION 38-9-120 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 535.