South Carolina Code 38-17-80. Domestic corporations may exchange reciprocal or interinsurance contracts
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Terms Used In South Carolina Code 38-17-80
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- insurance: includes annuities. See South Carolina Code 38-1-20
Any domestic corporation may, in addition to the rights, powers, and franchises specified in its articles of incorporation, exchange reciprocal or interinsurance insurance contracts. The right to exchange these contracts is incidental to the purposes for which domestic corporations are organized and is granted the same as rights and powers expressly conferred.