2013 South Carolina Code of Laws
Title 38 - Insurance
CHAPTER 21 - INSURANCE HOLDING COMPANY REGULATORY ACT
SECTION 38-21-220. Disclaimer of affiliation.

A person may file with the department a disclaimer of affiliation with an authorized insurer or a disclaimer may be filed by an insurer or a member of an insurance holding company system. The disclaimer shall fully disclose all material relationships and bases for affiliation between the person and the insurer as well as the basis for disclaiming this affiliation. After a disclaimer has been filed, the insurer is relieved of any duty to register or report under Sections 38-21-130 through 38-21-240 which may arise out of the insurer's relationship with that person unless and until the director or his designee disallows the disclaimer. The director or his designee may disallow the disclaimer only after furnishing all parties in interest with notice and an opportunity to be heard and after making specific findings of fact to support the disallowance.

HISTORY: Former 1976 Code Section 38-21-220 [1947 (45) 322; 1952 Code Section 37-872; 1962 Code Section 37-872] recodified as Section 38-37-220 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-29-210 [1962 Code Section 37-1420; 1971 (57) 351] recodified as Section 38-21-220 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 579.