§ 38-26-10 Short title
§ 38-26-20 Definitions
§ 38-26-30 Insurers to which chapter applies
§ 38-26-40 Conditions warranting supervision; notification
§ 38-26-50 Proceedings, hearings, notices, correspondence, reports and records
§ 38-26-60 Supervision by director or designee; acts prohibited or regulated as to supervised insurer
§ 38-26-70 Contest of supervisor’s action; right of review
§ 38-26-80 Other proceedings not precluded
§ 38-26-90 Meeting of director with supervisor
§ 38-26-100 No liability of Department or director
§ 38-26-110 Power to promulgate regulations

Terms Used In South Carolina Code > Title 38 > Chapter 26 - Administrative Supervision of Insurers Act

  • Appointment: means an individual designated by an official or authorized representative of an authorized insurer to act on its behalf as a producer. See South Carolina Code 38-1-20
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Consent: means agreement to administrative supervision by the insurer. See South Carolina Code 38-26-20
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Department: means the Department of Insurance of South Carolina. See South Carolina Code 38-1-20
  • Dependent: A person dependent for support upon another.
  • Director: means the person who is appointed by the Governor upon the advice and consent of the Senate and who is responsible for the operation and management of the department. See South Carolina Code 38-1-20
  • Domestic insurer: means an insurer incorporated or organized under the laws of this State. See South Carolina Code 38-1-20
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • insurance: includes annuities. See South Carolina Code 38-1-20
  • Insurer: means a person who has done, purports to do, is going to do, or is licensed to do an insurance business and is or has been subject to the authority of, or to liquidation, rehabilitation, reorganization, supervision, or conservation by the department, or similar entity, of a state. See South Carolina Code 38-26-20
  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • 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.
  • 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
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: means a corporation, agency, partnership, association, voluntary organization, individual, or another entity, organization, or aggregation of individuals. See South Carolina Code 38-1-20
  • Policy: means a contract of insurance. See South Carolina Code 38-1-20
  • Premium: means payment given in consideration of a contract of insurance. See South Carolina Code 38-1-20
  • Statute: A law passed by a legislature.
  • Terminate: means the cancellation of the relationship between an insurance producer and the insurer or the termination of a producer's authority to transact insurance. See South Carolina Code 38-1-20
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC