A depositing insurer may exchange for the deposited securities, or any of them, other securities eligible for deposit under Sections 38-9-80 to 38-9-140 if, in the opinion of the director or his designee, the aggregate value of the deposit will not be reduced below the amount required by law.
HISTORY: Former 1976 Code Section 38-9-120 [1918 (30) 763; 1919 (31) 133; Civ. C. '22 Section 5461; 1932 Code Section 9049; 1934 (38) 1493; 1942 Code Section 9049; 1952 Code Section 37-149.1; 1952 (47) 1893; 1955 (49) 152; 1962 Code Section 37-149.1; 1973 (58) 335] has no comparable provisions in 1987 Act No. 155; Former 1976 Code Section 38-5-720 [1962 Code Section 37-185.5; 1962 (52) 2148] recodified as Section 38-9-120 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 535.
Structure South Carolina Code of Laws
Chapter 9 - Capital, Surplus, Reserves, And Other Financial Matters
Section 38-9-10. Capital and surplus required of stock insurers; delinquency.
Section 38-9-20. Surplus required of mutual insurers; delinquency.
Section 38-9-40. Director to notify insurers of amounts required; annual schedule.
Section 38-9-50. Restrictions on kinds of insurance that insurers may write.
Section 38-9-60. No limitation on certain license provisions.
Section 38-9-70. Insurers may make deposits to do business in other states.
Section 38-9-90. Securities or bonds must be held as security for claims.
Section 38-9-100. Deposit of securities not necessary when made with other states.
Section 38-9-110. Voluntary deposits for compliance with laws of other states.
Section 38-9-120. Exchange of deposited securities.
Section 38-9-130. Interest on deposited securities.
Section 38-9-140. Principal of deposited securities.
Section 38-9-150. Return of deposited securities.
Section 38-9-160. Enforcement of trust created by deposit.
Section 38-9-170. Unearned premium reserve.
Section 38-9-180. Standard Valuation Law.
Section 38-9-190. Loss and claim reserves.
Section 38-9-200. Reinsurance credits; liability reductions.
Section 38-9-210. Reduction from liability for reinsurance; security.
Section 38-9-220. "Qualified United States financial institution" defined.
Section 38-9-230. Confidentiality.
Section 38-9-310. Definitions.
Section 38-9-320. Preparation and submission of RBC (risk based capital) Report; form and content.
Section 38-9-340. Regulatory Action Level Event defined; duties of director; corrective action.
Section 38-9-370. Confidential hearing; notification; time of hearing.
Section 38-9-380. Confidentiality of reports, plans, and orders.
Section 38-9-400. Limitations on use of RBC (risk based capital) Instructions, Reports, and Plans.
Section 38-9-410. Other powers or duties of director or designee.
Section 38-9-420. Regulatory power of director.
Section 38-9-430. Exemptions from application of article.
Section 38-9-440. Applicability of RBC (risk based capital) requirements to foreign insurers.
Section 38-9-450. Limitation of liability.
Section 38-9-460. Notification by director which may result in regulatory action.