2012 South Carolina Code of Laws
Title 38 - Insurance
Chapter 3 - THE DEPARTMENT OF INSURANCE
Section 38-3-120 - Oath and bond of Commissioner.

The director shall take the oath of office as prescribed for all state officers. Before entering upon or continuing the discharge of the duties of his office, he shall give bond to the State for the benefit of any person aggrieved by his unlawful or wrongful actions. This bond must be in the sum of fifty thousand dollars, with sufficient surety, to be approved by the State Treasurer, for the faithful performance of all the duties required of him under the law during the term of his office. The premium of the bond must be paid by the State.

HISTORY: Former 1976 Code Section 38-3-120 [1956 (49) 1742; 1960 (51) 1646; 1962 Code Section 37-62; 1972 (57) 2451] has no comparable provisions in 1987 Act No. 155; Former 1976 Code Section 38-3-90 [1947 (45) 322; 1952 Code Section 37-53; 1960 (51) 1646; 1962 Code Section 37-59] recodified as Section 38-3-120 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 532.