South Carolina Code 38-38-240. Reinsurance
Current as of: 2023 | Check for updates
|
Other versions
(A) A domestic ceding society must comply with § 38-9-200, but the society may not reinsure substantially all of its insurance in force without the written permission of the director or his designee.
(B) Notwithstanding subsection (A) of this section, a domestic society may reinsure the risks of another society in a consolidation, merger, or assumption reinsurance transaction approved by the director or his designee.
Terms Used In South Carolina Code 38-38-240
- Director: means the Director of the Department of Insurance of this State. See South Carolina Code 38-38-40
- insurance: includes annuities. See South Carolina Code 38-1-20
- Society: means fraternal benefit society, unless otherwise indicated. See South Carolina Code 38-38-40