S.C. Code § 38-21-350

Current through 2024 Act No. 225.

Section 38-21-350 - Director may take possession of property and conduct business of insurer

Whenever it appears to the director or his designee that a person has committed a violation of this chapter which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, or the public, then the director or his designee may proceed as provided in Chapter 27 of this title to take possession of the property of the insurer and to conduct its business.

1993 Act No. 181, Section 591; 1986 Act No. 426, Section 21] recodified as Section 38-21-350 by 1987 Act No. 155, Section 1; 1971 (57) 351; Former 1976 Code Section 38-29-340 [1962 Code Section 37-1432.