South Carolina Code 38-9-50. Restrictions on kinds of insurance that insurers may write
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 38-9-50
- insurance: includes annuities. See South Carolina Code 38-1-20
- 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
An insurer that fails to meet the minimum capital and surplus requirements of this chapter, but which continues to remain licensed by virtue of § 38-9-30, shall confine its business to the kinds of insurance for which it was licensed on July 1, 1988. If the insurer desires to write additional kinds of insurance, it shall comply with the capital and surplus requirements of § 38-9-10 or 38-9-20 as applicable.