Section 38-29-100 - Duties and powers of director; suspension or revocation of certificate of authority; appeals from board of directors; notice to interested persons of effect of chapterIn addition to the duties and powers enumerated elsewhere in this chapter:
(1) The director or his designee:(a) shall notify the board of directors of the existence of an impaired insurer no later than three days after a determination of impairment is made or he receives notice of impairment;(b) shall, upon request of the board of directors, provide the association with a statement of the premiums written in this State and any other appropriate state for each member insurer;(c) shall, when an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer to make good the impairment within a reasonable time. Notice to the impaired insurer constitutes notice to its shareholders, if any. The failure of the insurer to comply promptly with the demand does not excuse the association from the performance of its powers and duties under this chapter.(2) The director or his designee may suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this State of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the director or his designee may levy a forfeiture on a member insurer that fails to pay an assessment when due. The forfeiture may not exceed five percent of the unpaid assessment per month but may not be less than one hundred dollars a month.(3) A final action of the board of directors or the association may be appealed to the director as provided by law by any member insurer if the appeal is taken within sixty days of receipt of notice of the final action being appealed. A final action or order of the director is subject to judicial review in a court of competent jurisdiction in accordance with the laws of this State.(4) The liquidator, rehabilitator, or conservator of an impaired or insolvent insurer may notify all interested persons of the effect of this chapter.Amended by 2020 S.C. Acts, Act No. 121 (SB 580),s 1, eff. 3/24/2020.1993 Act No. 181, Section 631; 1988 Act No. 374, Section 11; 1972 (57) 2776] recodified as Section 38-29-100 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-17-100 [1962 Code Section 37-571; 1971 (57) 351] repealed by 1986 Act No. 426, Section 23; Former 1976 Code Section 38-29-100 [1962 Code Section 37-1408.1. 2020 Act No. 121, Section 1.B, provides as follows:
"[1.]B. The amendments made by this act do not apply to a member insurer that has been placed under an order of rehabilitation or liquidation before July 1, 2020."