South Carolina Code 38-21-100. Certain transactions exempt from Sections 38-21-60 to 38-21-120
Current as of: 2023 | Check for updates
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The provisions of §§ 38-21-60 to 38-21-120 do not apply to:
(1) Any transaction which is subject to Article 9, Chapter 19 dealing with the merger or consolidation of two or more insurers.
Terms Used In South Carolina Code 38-21-100
- director: means the Director of the South Carolina Department of Insurance or his designee. See South Carolina Code 38-21-10
- 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) Any offer, request, invitation, agreement, or acquisition which the director or his designee by order exempts as (a) not having been made or entered into for the purpose and not having the effect of changing or influencing the control of a domestic insurer, or (b) as otherwise not comprehended within the purposes of §§ 38-21-60 through 38-21-120.