South Carolina Code 38-21-330. Seizure or sequestration of securities acquired in violation of chapter, regulations, or order
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 38-21-330
- 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
- person: means an individual, a corporation, a partnership, an association, a joint stock company, a trust, an unincorporated organization, any similar entity, or any combination of the foregoing acting in concert. See South Carolina Code 38-21-10
- Sequester: To separate. Sometimes juries are sequestered from outside influences during their deliberations.
In a case where a person has acquired or is proposing to acquire voting securities in violation of this chapter, or any regulation issued by the department or order issued by the director or his designee hereunder, the Circuit Court for Richland County or the circuit court for the county in which the insurer has its principal place of business may, on notice which the court considers appropriate, upon the application of the insurer or the director or his designee, seize or sequester any voting securities of the insurer owned directly or indirectly by this person and issue orders appropriate to effectuate this chapter. Notwithstanding any other provision of law, for the purposes of this chapter the situs of the ownership of the securities of domestic insurers is considered to be in this State.