Unless the grounds for revocation relate only to the financial condition or soundness of the insurer or to a deficiency in its assets, the director or his designee shall notify the insurer not less than thirty days before revoking its authority to do business in this State and he must specify in the notice the particulars of the alleged violation of the law or its charter or grounds for revocation and a proper opportunity must be offered the insurer to be heard.
HISTORY: Former 1976 Code Section 38-5-140 [1947 (45) 322; 1952 Code Section 37-110; 1957 (50) 92; 1962 Code Section 37-110] recodified as Section 38-5-110 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-5-170 [1947 (45) 322; 1952 Code Section 37-113; 1962 Code Section 37-113] recodified as Section 38-5-140 by 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.