South Carolina Code 38-19-490. Revocation of authority to issue nonassessable policies
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The director or his designee shall revoke the authority of a domestic mutual insurer to extinguish the contingent liability of its members if:
(1) at any time the insurer’s surplus is less than the minimum capital and surplus required of a stock insurer to transact similar kinds of business; or
Terms Used In South Carolina Code 38-19-490
- Director: means the person who is appointed by the Governor upon the advice and consent of the Senate and who is responsible for the operation and management of the department. See South Carolina Code 38-1-20
- Insurer: includes a corporation, fraternal organization, burial association, other association, partnership, society, order, individual, or aggregation of individuals engaging or proposing or attempting to engage as principals in any kind of insurance or surety business, including the exchanging of reciprocal or interinsurance contracts between individuals, partnerships, and corporations. See South Carolina Code 38-1-20
(2) the insurer, by resolution of its directors approved by its members, requests that the authority be revoked.
Upon revocation of this authority for any cause the insurer may not thereafter issue any policies without contingent liability nor renew any policies then in force without written endorsement thereon providing for contingent liability.