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2012 South Carolina Code of Laws
Title 38 - Insurance
Chapter 5 - AUTHORITY AND REQUIREMENTS TO TRANSACT BUSINESS
Section 38-5-150 - Funds may not be paid during suspension without approval.


SC Code § 38-5-150 (2012) What's This?

While the certificate of authority is suspended, no domestic insurer or any of its officers may pay out any funds belonging to the insurer without first receiving the director's or his designee's approval.

HISTORY: Former 1976 Code Section 38-5-150 [1947 (45) 322; 1952 Code Section 37-111; 1962 Code Section 37-111] has no comparable provisions in 1987 Act No. 155; Former 1976 Code Section 38-5-180 [1947 (45) 322; 1952 Code Section 37-114; 1962 Code Section 37-114] recodified as Section 38-5-150 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 533.

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