South Carolina Code of Laws
Chapter 5 - Authority And Requirements To Transact Business
Section 38-5-170. Continuation of certificate of authority and other approvals pertaining to foreign insurer transferring its corporate domicile by merger or consolidation.

The certificate of authority, agents' appointments and licenses, rates, and other items which the director or his designee may allow which are in existence at the time any insurer licensed to transact the business of insurance in this State transfers its corporate domicile to this or any other state by merger, consolidation, or any other lawful method shall continue in effect upon such transfer if the insurer remains duly qualified to transact the business of insurance in this State. All outstanding policies of any transferring insurer shall remain in effect and need not be endorsed as to the new name of the company or its new location unless so ordered by the director or his designee. Every transferring insurer shall file new policy forms with the department on or before the effective date of the transfer but may use existing policy forms with appropriate endorsements if allowed by, and under conditions as approved by, the director or his designee. Every transferring insurer shall notify the director or his designee of the details of the proposed transfer and shall file promptly any resulting amendments to corporate documents filed or required to be filed with the department.
HISTORY: 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; New Section 38-5-170 enacted by 1987 Act No. 8, Section 1; 1993 Act No. 181, Section 533.

Structure South Carolina Code of Laws