Every insurer doing business in this State must be licensed and supervised by the director or his designee, with the following exceptions:
(a) Without excluding other activities which may not constitute doing business in this State, a foreign or alien insurer is not considered to be doing business in this State, for purposes of this chapter, or Chapter 7, 13, 25, or 27, solely by reason of carrying on in this State any one or more of the following activities:
(1) Maintaining bank accounts.
(2) Creating or acquiring evidences of debt, mortgages, or liens on real or personal property, and enforcing rights in connection therewith in any action or proceeding, whether judicial, administrative, or otherwise.
(3) Owning and controlling a subsidiary corporation incorporated in or transacting business within this State.
(b) [Reserved]
HISTORY: 1947 (45) 322; 1952 Code Section 37-101; 1962 Code Section 37-101; 1964 (53) 1796; 1976 Code Section 38-5-10; 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 533.
Structure South Carolina Code of Laws
Chapter 5 - Authority And Requirements To Transact Business
Section 38-5-10. Insurers must be licensed and supervised; exceptions.
Section 38-5-30. Kinds of insurance for which an insurer may be licensed.
Section 38-5-40. Kinds of insurance for which life insurer may be licensed.
Section 38-5-50. Certain insurers may not be licensed to write life insurance.
Section 38-5-60. Qualifications to become an approved reinsurer.
Section 38-5-70. Appointment of director as attorney for service of process.
Section 38-5-110. Approval of charters or amendments of charter.
Section 38-5-130. Monetary penalty in lieu of license revocation or suspension.
Section 38-5-140. Opportunity for hearing.
Section 38-5-150. Funds may not be paid during suspension without approval.
Section 38-5-160. Injunction, receivership.
Section 38-5-180. Authority required for insurer to operate in State.