2012 South Carolina Code of Laws
Title 38 - Insurance
Chapter 27 - INSURERS' REHABILITATION AND LIQUIDATION ACT
Section 38-27-360 - Grounds for liquidation.

The director or his designee may petition the Circuit Court as provided by law for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this State on the basis:

(1) of any ground for an order of rehabilitation as specified in Section 38-27-310, whether or not there has been a prior order directing the rehabilitation of the insurer;

(2) that the insurer is insolvent; or

(3) that the insurer is in such a condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors, or the public.

HISTORY: Former 1976 Code Section 38-5-2060 [1982 Act No. 384, Section 17] recodified as Section 38-27-360 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 615.