S.C. Code § 38-29-180

Current through 2024 Act No. 225.

Section 38-29-180 - Stay of proceedings involving impaired insurer; setting aside default judgment

All proceedings in which the impaired or insolvent insurer is a party in any court in this State must be stayed one hundred eighty days from the date an order of liquidation, rehabilitation, or conservation is final to permit proper legal action by the association on any matters germane to its powers or duties. As to a judgment under any decision, order, verdict, or finding based on default the association may apply to have the judgment set aside by the same court that made the judgment and must be permitted to defend against the suit on the merits.

S.C. Code § 38-29-180

Amended by 2020 S.C. Acts, Act No. 121 (SB 580),s 1, eff. 3/24/2020.

1993 Act No. 181, Section 631; 1972 (57) 2776] recodified as Section 38-29-180 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-17-180 [1962 Code Section 37-579; 1971 (57) 351] recodified as Section 38-21-190 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-29-180 [1962 Code Section 37-1416.

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."