South Carolina Code 38-21-160. Information which need not be disclosed in registration statement
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 38-21-160
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Department: means the Department of Insurance of South Carolina. See South Carolina Code 38-1-20
- 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
No information need be disclosed on the registration statement filed pursuant to § 38-21-140 if the information is not material for the purposes of this chapter. Unless the department by regulation or by order of the director or his designee provides otherwise, sales, purchases, exchanges, loans or extension of credit, or investments involving one-half of one percent or less of an insurer‘s admitted assets as of the previous December thirty-first are not considered material for purposes of §§ 38-21-140 through 38-21-240.