LegalFix
Sign In

Section 38-31-110. Detection and prevention of insurer insolvencies.

SC Code § 38-31-110 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

(A) The board of directors, upon majority vote, may make recommendations to the director, his designee, and the department for the detection and prevention of insurer insolvencies.

(B) The board of directors, at the conclusion of any insurer insolvency in which the association was obligated to pay covered claims, may prepare a report on the history and causes of the insolvency, based on the information available to the association, and submit the report to the department.

(C) The board of directors, upon majority vote, may respond to requests by the director or his designee to discuss and make recommendations regarding the status of any member insurer whose financial condition may be hazardous to policyholders or the public. These recommendations are not considered public documents.

HISTORY: Former 1976 Code Section 38-31-110 [1962 Code Section 37-312; 1969 (56) 699] recodified as Section 38-65-310 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-19-110 [1962 Code Section 37-830; 1971 (57) 1001] recodified as Section 38-31-110 by 1987 Act No. 155, Section 1; 1988 Act No. 402, Section 6; 1993 Act No. 181, Section 632.

Previous Section
Section 38-31-100. Exhaustion of other coverage and claims.
Next Section
Section 38-31-120. Examination and regulation of Association; financial reports.