There is a newer version of the South Carolina Code of Laws
2012 South Carolina Code of Laws
Title 38 - Insurance
Chapter 19 - DOMESTIC MUTUAL INSURERS
Section 38-19-1220 - Availability of assets to satisfy policyholder claims in proceedings for supervision, rehabilitation or liquidation; dissolution.
SC Code § 38-19-1220 (2012) What's This?
In a proceeding for supervision, rehabilitation, or liquidation involving a reorganized mutual insurer, the assets of the mutual insurance holding company and an intermediate stock holding company shall be considered to be assets of the reorganized mutual insurer for the purposes of satisfying the claims of policyholders. A mutual insurance holding company or an intermediate stock holding company may not be dissolved without approval of the Director of the Department of Insurance. A mutual insurance holding company and an intermediate stock holding company each shall be considered an insurer subject to the Administrative Supervision of Insurers Act and the Insurers Rehabilitation and Liquidation Act.
HISTORY: 1998 Act No. 413, Section 1.
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