South Carolina Code 38-90-620. Standards and criteria applicable in contested case brought by third party and certain actions by director
(1) prove its case by a clear and convincing evidence standard;
Terms Used In South Carolina Code 38-90-620
- Director: means the Director of the South Carolina Department of Insurance or the director's designee. See South Carolina Code 38-90-10
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- License: means a document issued by the state's director or his designee authorizing a person to act as an insurance producer for the lines of authority specified in the document. See South Carolina Code 38-1-20
- Surety: includes insurance or a bond that covers obligations to pay the debts, or answer for the default, of another, including faithlessness in a position of public or private trust. See South Carolina Code 38-1-20
(2) demonstrate irreparable harm to the SPFC or its counterparty, or both;
(3) show that there is no other adequate remedy at law; and
(4) post a bond of sufficient surety to protect the interests of the holders of the SPFC securities and policyholders but it may not be less than fifteen percent of the total amount of the securitized transaction.
(B) If a director reverses, amends, or modifies a license previously issued to a SPFC or an order made in connection with a license previously issued to a SPFC, the action must comply with the standards and criteria provided in subsection (A), unless the action in reversing, amending, or modifying the license is in conformance with the provisions of § 38-90-570(B).