No agent, collector, solicitor, or other employee or representative of an insurer issuing contracts providing for sick, accident, or death benefits and operating on the weekly or monthly industrial plan is considered the owner of any part of the weekly or monthly debit collected by him or that may be under his charge, care, control, or supervision. The debit is considered wholly the property of the insurer in whose name the policies, contracts, or obligations were written or assumed. No former agent, collector, solicitor, superintendent, or other employee or representative of the insurer, within a period of ninety days after the termination of his employment with the insurer, may barter, sell, give, or in any manner transfer to any person or insurer any part of any debit of the insurer or any policies or contracts of the insurer, without the written consent of the insurer formerly employing him.
The director or his designee shall revoke the license of any person violating this section.
HISTORY: Former 1976 Code Section 38-55-180 [1962 Code Section 37-1218; 1964 (53) 2293] recodified as Section 38-57-180 by 1987 Act No. 155, Section 1; New Section 38-55-180 enacted by 1988 Act No. 394, Section 16; 1993 Act No. 181, Section 709.
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.