If an insurer fails to pay a final judgment rendered against it within fifteen days after the judgment becomes final, upon written application of the holder of the judgment the director or his designee shall give fifteen days' written notice to the insurer to pay the judgment and, upon the insurer's failure to pay the judgment within the time, shall revoke the license of the insurer to do business in this State and impound its bond or securities required to be deposited under Sections 38-9-80 through 38-9-140 or Section 38-15-30. In the event the director or his designee revokes the license of the insurer, he shall take any steps he considers necessary for the protection of the insurer's policyholders in this State. A judgment creditor may proceed with the collection of his judgment out of the securities in the possession of the director or his designee or the bond filed with him.
HISTORY: Former 1976 Code Section 38-55-120 [1947 (45) 322; 1952 Code Section 37-1202; 1962 Code Section 37-1212; 1964 (53) 2293] recodified as Section 38-57-120 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-5-810 [1947 (45) 322; 1948 (45) 1734; 1952 Code Section 37-191; 1962 Code Section 37-191] recodified as Section 38-55-120 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 707.
Structure South Carolina Code of Laws
Chapter 55 - Conduct Of Insurance Business
Section 38-55-10. No contracts may be made except under this title.
Section 38-55-20. Insurers shall do business in own name; combination policy.
Section 38-55-30. Limitation of risk; section not applicable to captive insurers.
Section 38-55-40. Certain inducements may not be offered.
Section 38-55-50. Discrimination prohibited.
Section 38-55-60. Punishment and revocation of license for discrimination.
Section 38-55-70. Secured loans lawful.
Section 38-55-75. Confidentiality of information received by Department of Insurance.
Section 38-55-80. Loans to directors or officers.
Section 38-55-90. Tontine policies prohibited.
Section 38-55-100. Tontine plans prior to May 12, 1947.
Section 38-55-110. Reserve requirements for tontine policies.
Section 38-55-120. Procedure when insurer fails to pay final judgment.
Section 38-55-130. Doing business after charter has been canceled or surrendered is unlawful.
Section 38-55-150. Accepting premiums or assessments in insolvent insurer.
Section 38-55-160. Insuring uninsurable persons with intent to defraud.
Section 38-55-170. Presenting false claims for payment.
Section 38-55-173. Unlawful vehicle glass repair business practices; penalties.
Section 38-55-310. Life insurers may not operate undertaking business.
Section 38-55-320. Insurers may not contract with undertakers for funerals.
Section 38-55-330. Funeral director may act as agent for life insurer for preneed funeral contract.
Section 38-55-510. Short title.
Section 38-55-520. Purpose of article.
Section 38-55-530. Definitions.