A domestic insurer, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries engaged in the following kinds of business:
(1) Any kind of insurance business authorized by the jurisdiction in which it is incorporated;
(2) Acting as an insurance broker or as an insurance agent for its parent or for any of its parent's insurer subsidiaries;
(3) Investing, reinvesting, or trading in securities for its own account, that of its parent, any subsidiary of its parent, or any affiliate or subsidiary;
(4) Management of an investment company subject to or registered pursuant to the Investment Company Act of 1940, as amended, including related sales and services;
(5) Acting as a broker-dealer subject to or registered pursuant to the Securities Exchange Act of 1934, as amended;
(6) Rendering investment advice to governments, government agencies, corporations, or other organizations or groups;
(7) Rendering other services related to the operations of an insurance business, including, but not limited to, actuarial, loss prevention, safety engineering, data processing, accounting, claims, appraisal, and collection services;
(8) Ownership and management of assets which the parent corporation could itself own or manage;
(9) Acting as administrative agent for a governmental instrumentality which is performing an insurance function;
(10) Financing of insurance premiums, agents, and other forms of consumer financing;
(11) Any other business activity determined by the director or his designee to be reasonably ancillary to an insurance business; or
(12) Owning a corporation or corporations engaged or organized to engage exclusively in one or more of the businesses specified in this section.
HISTORY: Former 1976 Code Section 38-21-20 [1947 (45) 322; 1952 Code Section 37-852; 1962 Code Section 37-852] recodified as Section 38-37-20 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-29-20 [1962 Code Section 37-1401; 1971 (57) 351] recodified as Section 38-21-20 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 562.
Structure South Carolina Code of Laws
Chapter 21 - Insurance Holding Company Regulatory Act
Section 38-21-10. Definitions.
Section 38-21-20. Authority of insurers to organize or acquire subsidiaries.
Section 38-21-30. Authority of insurers to invest in securities of subsidiaries.
Section 38-21-40. Investments in securities of subsidiaries are not subject to other restrictions.
Section 38-21-70. Contents of statement; amendment.
Section 38-21-90. Approval of Commissioner of acquisition of control; hearing.
Section 38-21-100. Certain transactions exempt from Sections 38-21-60 to 38-21-120.
Section 38-21-110. Violations of Sections 38-21-60 to 38-21-120.
Section 38-21-120. Jurisdiction of courts; service of process.
Section 38-21-130. Registration of members of insurance holding company systems.
Section 38-21-140. Registration statement.
Section 38-21-150. Summary outlining changes since previous registration statement required.
Section 38-21-160. Information which need not be disclosed in registration statement.
Section 38-21-170. Dividends and distributions must be reported.
Section 38-21-180. Information from persons within insurance holding company.
Section 38-21-190. Termination of registration.
Section 38-21-210. Filing of registration statement on behalf of affiliated insurer.
Section 38-21-220. Disclaimer of affiliation.
Section 38-21-225. Annual enterprise risk report.
Section 38-21-230. Failure to timely file registration statement.
Section 38-21-240. Exemptions from registration statement provisions.
Section 38-21-250. Standards for transactions within insurance holding company system.
Section 38-21-260. Determining adequacy of insurer's surplus.
Section 38-21-270. Notice and approval of extraordinary dividends or distributions required.
Section 38-21-280. Examination; compulsory production of information.
Section 38-21-285. Participation in supervisory colleges.
Section 38-21-290. Confidential information.
Section 38-21-295. Group-wide supervisor for internationally active insurance groups.
Section 38-21-300. Regulations and orders of director.
Section 38-21-310. Enjoining violations of chapter, regulations, or orders.
Section 38-21-350. Director may take possession of property and conduct business of insurer.
Section 38-21-360. Authority of receiver to recover certain distributions and payments.
Section 38-21-370. Judicial review of action, order, or decision of director.