The reorganized insurer shall file the articles of incorporation of the mutual holding company, the reorganized stock insurer, and any holding company subsidiaries with the Director of the Department of Insurance for his approval before filing them with the Secretary of State. The director shall issue a certificate of authority when the mutual insurer files with the director a certificate from the mutual insurer setting forth the vote and certifying that the plan of reorganization was approved by not less than a two-thirds majority of the policyholders voting in person or by proxy on the plan of reorganization, that the articles of incorporation have been filed with the Secretary of State, and payment of all applicable fees to the Department of Insurance. The reorganization shall be effective upon the issuance of a certificate of authority by the director.
HISTORY: 1998 Act No. 413, Section 1.
Structure South Carolina Code of Laws
Chapter 19 - Domestic Mutual Insurers
Section 38-19-10. Membership in mutual insurer.
Section 38-19-20. Contract shall stipulate membership of contract holder.
Section 38-19-40. Notice of annual meetings.
Section 38-19-50. Use of proxies.
Section 38-19-410. Contingent liability of members.
Section 38-19-420. Contingent liability is not an asset of the insurer.
Section 38-19-430. Validity of guaranty against liability.
Section 38-19-440. Assessments for deficiencies.
Section 38-19-450. Computation of individual assessments.
Section 38-19-460. Enforcement of contingent liability on assessment premium plan.
Section 38-19-470. Nonassessable policies.
Section 38-19-480. Nonassessable plan applies to all policies.
Section 38-19-490. Revocation of authority to issue nonassessable policies.
Section 38-19-610. Borrowed surplus.
Section 38-19-630. Repayment of loans.
Section 38-19-640. Repayment of more than one loan or by multiple agreement.
Section 38-19-650. Director's approval required for repayment.
Section 38-19-660. Rights of holders of loan upon dissolution.
Section 38-19-815. Definitions.
Section 38-19-825. Transactions of a mutual insurer.
Section 38-19-1010. Fire and storm insurance; suits; seals.
Section 38-19-1020. Directors and officers; regulations.
Section 38-19-1030. Liability of members; property pledged; lien.
Section 38-19-1040. Extent of liability; release by transfer rights of purchaser.
Section 38-19-1050. Limit of amount insurance.
Section 38-19-1110. Authorization to reorganize.
Section 38-19-1130. Plan of reorganization; approval; contents.
Section 38-19-1140. Review of plan; costs; public hearing; order of approval or disapproval.
Section 38-19-1150. Policyholder meeting to vote on plan.
Section 38-19-1160. Filing articles of incorporation; issuance of certificate of authority.
Section 38-19-1170. Membership interest as security; transfer of interest.
Section 38-19-1190. Demutualization.
Section 38-19-1200. Confidentiality of information disclosed pursuant to application to reorganize.
Section 38-19-1230. Filing of annual statements; audit; notice of stock offering.
Section 38-19-1240. Time limitation for filing challenge to reorganization.