Upon request of a domestic insurer the director or his designee may return to the insurer the whole or any portion of the securities of the insurer held by him on deposit when he is satisfied that the securities asked to be returned are not subject to any liability and are not required to be held any longer by any provision of law or purpose of the original deposit.
These deposits made by a foreign insurer must be returned by the director or his designee upon the filing with the director or his designee by the trustee or other authorized representative of the insurer a written request and sworn affidavit stating (a) that the insurer has no contracts of insurance in force and no unsatisfied claims outstanding within this State or (b) that reinsurance of all outstanding contracts and acceptance of all unsatisfied claims within this State have been provided by an insurer or insurers authorized to transact the same kinds of business in this State, filing with the affidavit a certified copy of the reinsurance agreement. Release must be made upon the written order of the director or his designee when he is satisfied that the above requirements have been met. The director or his designee is considered the agent of the foreign insurer for acceptance of service of any legal process in any action or proceeding against the insurer for any claim that might arise before or after the return of its deposits. A person making a false affidavit as required in this section is guilty of a felony and, upon conviction, must be imprisoned not more than five years.
HISTORY: Former 1976 Code Section 38-9-150 [1947 (45) 322; 1952 Code Section 37-150; 1962 Code Section 37-150] recodified as Section 38-55-90 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-5-750 [1947 (45) 322; 1952 Code Section 37-186; 1960 (51) 1922; 1962 Code Section 37-186] recodified as Section 38-9-150 by 1987 Act No. 155, Section 1; 1993 Act No. 184, Section 65; 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.