§ 38-90-620 — Standards and criteria applicable in contested case brought by third party and certain actions by director.

South Carolina § 38-90-620

• Jurisdiction: South Carolina
• Title 38: INSURANCE
• Ch. 90: CAPTIVE INSURANCE COMPANIES

Text

(A) A contested case brought by a third party based on a decision of the director pursuant to this article is governed by applicable law of the State of South Carolina except that, the third party shall: (1) prove its case by a clear and convincing evidence standard; (2) demonstrate irreparable harm to the SPFC or its counterparty, or both; (3) show that there is no other adequate remedy at law; and (4) post a bond of sufficient surety to protect the interests of the holders of the SPFC securities and policyholders but it may not be less than fifteen percent of the total amount of the securitized transaction. (B) If a director reverses, amends, or modifies a license previously issued to a SPFC or an order made in connection with a license previously issued to a SPFC, the action must comply with the standards and criteria provided in subsection (A), unless the action in reversing, amending, or modifying the license is in conformance with the provisions of Section 38-90-570(B).

Legislative History

HISTORY: 2004 Act No. 291, SECTION 28, eff July 29, 2004; 2006 Act No. 332, SECTION 28, eff June 1, 2006.