(A)(1) A receiver appointed in a proceeding under this chapter may at any time apply for, and a court of general jurisdiction may grant, restraining orders, preliminary and permanent injunctions, and other orders considered necessary and proper to prevent:

(a) the transaction of further business;

Terms Used In South Carolina Code 38-27-70

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • 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
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.

(b) the transfer of property;

(c) interference with the receiver or with a proceeding under this chapter;

(d) waste of the insurer‘s assets;

(e) dissipation and transfer of bank accounts;

(f) the institution or further prosecution of any actions or proceedings;

(g) the obtaining of preferences, judgments, attachments, garnishments, or liens against the insurer, its assets, or its policyholders;

(h) the levying of execution against the insurer, its assets, or its policyholders;

(i) the making of any sale or deed for nonpayment of taxes or assessments that would lessen the value of the assets of the insurer;

(j) the withholding from the receiver of books, accounts, documents, or other records relating to the business of the insurer; or

(k) any other threatened or contemplated action that might lessen the value of the insurer’s assets or prejudice the rights of policyholders, creditors, or shareholders, or the administration of any proceeding under this chapter.

(2) The receiver may apply to any court outside of the State for the relief described in this subsection.

(B) After the seventh day following the commencement of a delinquency proceeding involving an insurer-member domiciled in this State, the insurer-member’s FHLB must not be stayed or prohibited from exercising its rights regarding collateral pledged by that insurer-member. The provisions of this subsection apply notwithstanding another provision of this chapter.

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