Statutes, codes, and regulations
Code of Laws of South Carolina 1976
Title 38 - INSURANCEChapter 19 - DOMESTIC MUTUAL INSURERS
Article 7 - BORROWING
Section 38-19-650 - Director's approval required for repayment

S.C. Code § 38-19-650

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Current through 2024 Act No. 225.
Section 38-19-650 - Director's approval required for repayment

No repayment of the loan may be made unless approved by the director or his designee. The insurer shall notify the director or his designee in writing not less than sixty days in advance of its intention to repay the loan or any part of it. The director or his designee shall immediately ascertain whether the insurer's financial condition is such that the repayment can properly be made.

S.C. Code § 38-19-650

1993 Act No. 181, Section 559; 1962 Code Section 37-425] recodified as Section 38-19-650 by 1987 Act No. 155, Section 1; 1952 Code Section 37-425; Former 1976 Code Section 38-11-850 [1947 (45) 322.