reglab/housing_qa huggingface dataset:
SC Code § 38-21-80 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-80. Use of certain documents required by other laws in furnishing information called for in statement.

 If any offer, request, invitation, agreement, or acquisition referred to in Section 38-21-60 is proposed to be made by means of a registration statement under the Securities Act of 1933 or in circumstances requiring the disclosure of similar information under the Securities Exchange Act of 1934, or under a state law requiring similar registration or disclosure, the person required to file the statement referred to in Section 38-21-60 may utilize these documents in furnishing the information called for by that statement.  HISTORY: Former 1976 Code Section 38-29-80 [1962 Code Section 37-1407; 1971 (57) 351; 1986 Act No. 426, Section 5A] recodified as Section 38-21-80 by 1987 Act No. 155, Section 1.
SC Code § 38-21-100 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-100. Certain transactions exempt from Sections 38-21-60 to 38-21-120.

 The provisions of Sections 38-21-60 to 38-21-120 do not apply to:  (1) Any transaction which is subject to Article 9, Chapter 19 dealing with the merger or consolidation of two or more insurers.  (2) Any offer, request, invitation, agreement, or acquisition which the director or his designee by order exempts as (a) not having been made or entered into for the purpose and not having the effect of changing or influencing the control of a domestic insurer, or (b) as otherwise not comprehended within the purposes of Sections 38-21-60 through 38-21-120.  HISTORY: Former 1976 Code Section 38-29-110 [1962 Code Section 37-1409; 1971 (57) 351; 1986 Act No. 426, Section 7] recodified as Section 38-21-100 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 568.
SC Code § 38-21-110 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-110. Violations of Sections 38-21-60 to 38-21-120.

 The following are violations of Sections 38-21-60 to 38-21-120:  (1) the failure to file a statement, amendment, or other material required to be filed pursuant to Section 38-21-60 or 38-21-70; or  (2) the effectuation or an attempt to effectuate an acquisition or control of, divestiture of, or merger with a domestic insurer, unless the director or his designee has given his approval.  HISTORY: Former 1976 Code Section 38-29-120 [1962 Code Section 37-1410; 1971 (57) 351] recodified as Section 38-21-110 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 569; 2015 Act No. 2 (S.342), Section 7, eff March 9, 2015.  Effect of Amendment  2015 Act No. 2, Section 7, in (1), substituted "failure to file a statement" for "failure to file any statement"; and in (2), substituted "effectuation or an attempt" for "effectuation or any attempt", and inserted "divestiture of,".
SC Code § 38-21-120 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-120. Jurisdiction of courts; service of process.

 The courts of this State, including Administrative Law Court as provided by law, are vested with jurisdiction over each person not resident, domiciled, or authorized to do business in this State who files a statement with the department under this chapter and over all actions involving the person arising out of violations of Sections 38-21-60 through 38-21-120. This person must be considered to have performed acts equivalent to and constituting an appointment by him of the director to be his true and lawful attorney upon whom all lawful process may be served in any action, suit, or proceeding arising out of violations of Sections 38-21-60 through 38-21-120. Copies of all lawful process must be served on the director and transmitted by registered or certified mail by the director or his designee to the person at his last known address.  HISTORY: Former 1976 Code Section 38-29-130 [1962 Code Section 37-1411; 1971 (57) 351] recodified as Section 38-21-120 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 570.
SC Code § 38-21-130 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-130. Registration of members of insurance holding company systems.

 (A) An insurer authorized to do business in this State and who is a member of an insurance holding company system shall register with the department, except a foreign insurer subject to registration requirements and standards adopted by statute or regulation in the jurisdiction of its domicile which are substantially similar to those contained in this chapter.  (B) An insurer who is subject to registration under this chapter shall register within fifteen days after it becomes subject to registration, and annually thereafter by March first of each year for the previous calendar year, unless the director or his designee for good cause shown extends the time for registration, and then within the extended time. The director or his designee may require any authorized insurer which is a member of an insurance holding company system which is not subject to registration under this section to furnish a copy of the registration statement or other information filed by the insurance company with the insurance regulatory authority of its domiciliary jurisdiction.  HISTORY: Former 1976 Code Section 38-29-140 [1962 Code Section 37-1412; 1971 (57) 351; Section 1. 1986 Act No. 426, Section 8] recodified as Section 38-21-130 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 572; 2015 Act No. 2 (S.342), Section 9, eff March 9, 2015.  Effect of Amendment  2015 Act No. 2, Section 9, inserted the paragraph designators; in (A), substituted "An insurer authorized to do business in this State and who" for "Every insurer authorized to do business in this State which"; and in (B), substituted "An insurer who is subject" for "Any insurer which is subject", and substituted "a member of an insurance holding company system" for "a member of a holding company system".
SC Code § 38-21-150 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-150. Summary outlining changes since previous registration statement required.

 All registration statements shall contain a summary outlining all items in the current registration statement representing changes from the prior registration statement.  HISTORY: Former 1976 Code Section 38-29-155 [1986 Act No. 426, Section 10] recodified as Section 38-21-150 by 1987 Act No. 155, Section 1.
SC Code § 38-21-160 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-160. Information which need not be disclosed in registration statement.

 No information need be disclosed on the registration statement filed pursuant to Section 38-21-140 if the information is not material for the purposes of this chapter. Unless the department by regulation or by order of the director or his designee provides otherwise, sales, purchases, exchanges, loans or extension of credit, or investments involving one-half of one percent or less of an insurer's admitted assets as of the previous December thirty-first are not considered material for purposes of Sections 38-21-140 through 38-21-240.  HISTORY: Former 1976 Code Section 38-29-160 [1962 Code Section 37-1414; 1971 (57) 351] recodified as Section 38-21-160 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 574.
SC Code § 38-21-170 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-170. Dividends and distributions must be reported.

 (A) Subject to Section 38-21-270, each registered insurer shall report to the department all dividends and other distributions to shareholders within five business days following the declaration of it and at least fifteen days before the payment of it. The department promptly shall consider this report as information, and these considerations must include the factors as provided in Section 38-21-260. If an insurer's surplus as regards policyholders is determined by the department not to be reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs, the department shall have the authority, within the fifteen-day period before payment of it, to limit the amount of the dividends or distributions.  (B) No dividend or other distribution may be declared or paid at any time when the surplus of the insurer is less than the surplus required by law for the kinds of business authorized to be transacted by such insurer, nor when the payment of a dividend or other distribution would reduce its surplus to less than such amount.  (C) Except in the case of share dividends, surplus for determining whether dividends or other distributions may be declared shall not include surplus arising from unrealized appreciation in value, or revaluation of assets, or from unrealized profits upon investments.  (D) No dividend or other distribution may be declared or paid contrary to any restriction contained in the insurer's articles of incorporation.  (E) Notwithstanding any other provision of law, the insurer may declare, conditional upon the department's approval, a dividend or other distribution to shareholders from surplus, and such declaration confers no rights until the department:  (1) has approved the payment of the dividend or distribution; or  (2) has not disapproved the payment within fifteen days after receiving notice of the declaration.  HISTORY: Former 1976 Code Section 38-29-165 [1986 Act No. 426, Section 11] recodified, 1987 Act No. 155, Section 1; 1993 Act No. 70, Section 4; 1993 Act No. 181, Section 575; 2002 Act No. 228, Section 3, eff May 1, 2002; 2003 Act No. 73, Section 3, eff June 25, 2003.
SC Code § 38-21-180 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-180. Information from persons within insurance holding company.

 Any persons within an insurance holding company subject to registration are required to provide complete and accurate information to an insurer, where such information is reasonably necessary to enable the insurer to comply with the provisions of this chapter.  HISTORY: Former 1976 Code Section 38-29-170 [1962 Code Section 37-1415; 1971 (57) 351; 1986 Act No. 426, Section 12] recodified as Section 38-21-180 by 1987 Act No. 155, Section 1.
SC Code § 38-21-190 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-190. Termination of registration.

 The director or his designee shall terminate the registration of an insurer that is no longer a member of an insurance holding company system.  HISTORY: Former 1976 Code Section 38-29-180 [1962 Code Section 37-1416; 1971 (57) 351] recodified as Section 38-21-190 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 576.
SC Code § 38-21-200 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-200. Filing of consolidated or individual registration statements by affiliated insurers.

 The director or his designee may require or allow two or more affiliated insurers subject to registration to file a consolidated registration statement.  HISTORY: Former 1976 Code Section 38-29-190 [1962 Code Section 37-1417; 1971 (57) 351; 1986 Act No. 426, Section 13] recodified as Section 38-21-200 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 577.
SC Code § 38-21-210 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-210. Filing of registration statement on behalf of affiliated insurer.

 The director or his designee may allow an insurer which is authorized to do business in this State and which is part of an insurance holding company system to register on behalf of an affiliated insurer which is required to register under Section 38-21-130 and to file all information and material required to be filed under Sections 38-21-130 through 38-21-240.  HISTORY: Former 1976 Code Section 38-21-210 [1947 (45) 322; 1952 Code Section 37-871; 1962 Code Section 37-871] recodified as Section 38-37-210 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-29-200 [1962 Code Section 37-1418; 1971 (57) 351] recodified as Section 38-21-210 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 578.
SC Code § 38-21-220 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-220. Disclaimer of affiliation.

 A person may file with the department a disclaimer of affiliation with an authorized insurer or a disclaimer may be filed by an insurer or a member of an insurance holding company system. The disclaimer fully shall disclose all material relationships and bases for affiliation between the person and the insurer as well as the basis for disclaiming this affiliation. A disclaimer of affiliation must be considered to have been granted unless the director or his designee, within thirty days following receipt of a complete disclaimer, notifies the filing party the disclaimer is disallowed. In the event of a disallowance, the disclaiming party may request an administrative hearing, which the department must grant. The disclaiming party must be relieved of its duty to register under Sections 38-21-130 through 38-21-240 if approval of the disclaimer is granted by the director or his designee, or if the disclaimer is considered approved.  HISTORY: Former 1976 Code Section 38-21-220 [1947 (45) 322; 1952 Code Section 37-872; 1962 Code Section 37-872] recodified as Section 38-37-220 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-29-210 [1962 Code Section 37-1420; 1971 (57) 351] recodified as Section 38-21-220 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 579; 2015 Act No. 2 (S.342), Section 11, eff March 9, 2015.  Effect of Amendment  2015 Act No. 2, Section 11, rewrote the section.
SC Code § 38-21-225 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-225. Annual enterprise risk report.

 The ultimate controlling person of an insurer subject to registration also shall file an annual enterprise risk report. The report must, to the best of the ultimate controlling person's knowledge and belief, identify the material risks within the insurance holding company system that could pose enterprise risk to the insurer. The report must be filed with the lead state commissioner of the insurance holding company system as determined by the procedures within the Financial Analysis Handbook adopted by the National Association of Insurance Commissioners.  HISTORY: 2015 Act No. 2 (S.342), Section 1, eff March 9, 2015.
SC Code § 38-21-230 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-230. Failure to timely file registration statement.

 The failure to file a registration statement or any summary of such registration or enterprise risk filing as required by this chapter within the time specified for filing constitutes a violation of these sections.  HISTORY: Former 1976 Code Section 38-21-230 [1947 (45) 322; 1952 Code Section 37-873; 1962 Code Section 37-873] recodified as Section 38-37-230 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-29-220 [1962 Code Section 37-1421; 1971 (57) 351; 1986 Act No. 426, Section 14; recodified as Section 38-21-230 by 1987 Act No. 155, Section 1; 2015 Act No. 2 (S.342), Section 12, eff March 9, 2015.  Effect of Amendment  2015 Act No. 2, Section 12, inserted "or enterprise risk filing".
SC Code § 38-21-240 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-240. Exemptions from registration statement provisions.

 The provisions of Sections 38-21-130 to 38-21-240 do not apply to any insurer, information, or transaction if and to the extent that the department by regulation or the director or his designee by order exempts it from these sections.  HISTORY: Former 1976 Code Section 38-21-240 [1947 (45) 322; 1952 Code Section 37-874; 1962 Code Section 37-874] recodified as Section 38-37-240 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-29-230 [1962 Code Section 37-1419; 1971 (57) 351] recodified as Section 38-21-240 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 580.
SC Code § 38-21-260 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-260. Determining adequacy of insurer's surplus.

 For purposes of this chapter, in determining whether an insurer's surplus as regards policyholders is reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs, the following factors, among others, are considered:  (1) the size of the insurer as measured by its assets, capital and surplus, reserves, premium writings, insurance in force, and other appropriate criteria;  (2) the extent to which the insurer's business is diversified among the several lines of insurance;  (3) the number and size of risks insured in each line of business;  (4) the extent of the geographical dispersion of the insured risks;  (5) the nature and extent of the reinsurance program;  (6) the quality, diversification, and liquidity of the investment portfolio;  (7) the recent past and projected future trend in the size of the insurer's investment portfolio;  (8) the surplus as regards policyholders maintained by other comparable insurers;  (9) the adequacy of the reserves;  (10) the source of the insurer's earnings and the extent to which the reported earnings include extraordinary items, such as surplus relief reinsurance transactions and reserve destrengthening; and  (11) The quality and liquidity of investments in affiliates.  The director or his designee may treat any such investment as a disallowed asset for purposes of determining the adequacy of surplus as regards policyholders whenever in his judgment the investment so warrants.  HISTORY: Former 1976 Code Section 38-21-260 [1947 (45) 322; 1952 Code Section 37-876; 1962 Code Section 37-876] recodified as Section 38-37-260 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-29-250 [1962 Code Section 37-1423; 1971 (57) 351; 1986 Act No. 426, Section 16] recodified as Section 38-21-260 by 1987 Act No. 155, Section 1; 1993 Act No. 70, Section 5; 1993 Act No. 181, Section 582.
SC Code § 38-21-270 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-270. Notice and approval of extraordinary dividends or distributions required.

 (A) No domestic insurer may pay an extraordinary dividend or make another extraordinary distribution to its shareholders until the director or his designee:  (1) has approved the payment, or  (2) has not disapproved the payment within fifteen days after receiving notice of the declaration.  (B)(1) For purposes of this section, an extraordinary dividend or distribution includes a dividend or distribution of cash or other property whose fair market value together with that of other dividends or distributions made within the preceding twelve months:  (a) when paid from other than earned surplus exceeds the lesser of:  (i) ten percent of the insurer's surplus as regards policyholders as shown in the insurer's most recent annual statement; or  (ii) the net gain from operations for life insurers, or the net income, for nonlife insurers, not including net realized capital gains or losses as shown in the insurer's most recent annual statement;  (b) when paid from earned surplus exceeds the greater of:  (i) ten percent of the insurer's surplus as regards policyholders as shown in the insurer's most recent annual statement; or  (ii) the net gain from operations for life insurers, or the net income, for nonlife insurers, not including net realized capital gains or losses as shown in the insurer's most recent annual statement.  (2) It does not include pro rata distributions of a class of the insurer's own securities.  (C) An insurer may declare an extraordinary dividend or distribution which is conditional upon the approval of the director or his designee. The declaration confers no rights upon shareholders until the director or his designee:  (1) has approved the payment of the dividend or distribution, or  (2) has not disapproved the payment within fifteen days after receiving notice of the declaration.  HISTORY: Former 1976 Code Section 38-21-270 [1947 (45) 322; 1952 Code Section 37-877; 1962 Code Section 37-877] recodified as Section 38-37-270 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-29-260 [1962 Code Section 37-1424; 1971 (57) 351; 1986 Act No. 426, Section 17] recodified as Section 38-21-270 by 1987 Act No. 155, Section 1; 1988 Act No. 370; 1991 Act No. 13, Section 15; 1993 Act No. 70, Section 6; 1993 Act No. 181, Section 583; 2002 Act No. 228, Section 4, eff May 1, 2002; 2003 Act No. 73, Section 4, eff June 25, 2003.
SC Code § 38-21-285 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-285. Participation in supervisory colleges.

 (A) With respect to an insurer registered under Sections 38-21-130 through 38-21-240 and pursuant to subsection (C), the director or his designee also may participate in a supervisory college for a domestic insurer that is part of an insurance holding company system with international operations to determine compliance by the insurer with this chapter. The powers of the director or his designee with respect to supervisory colleges include, but are not limited to:  (1) initiating the establishment of a supervisory college;  (2) clarifying the membership and participation of other supervisors in the supervisory college;  (3) clarifying the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor;  (4) coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and  (5) establishing a crisis management plan.  (B) A registered insurer subject to this section must be liable for and shall pay the reasonable expenses, including reasonable travel expenses, for the participation of the director or his designee in a supervisory college pursuant to subsection (C). For purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates, and the director or his designee may establish a regular assessment to the insurer for the payment of these expenses.  (C) In order to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management and governance processes, and as part of the examination of individual insurers in accordance with Section 38-21-280, the director or his designee may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including other state, federal, and international regulatory agencies. The director or his designee may enter into agreements pursuant to Section 38-21-290(C) to provide the basis for cooperation between the director or his designee and the other regulatory agencies, and the activities of the supervisory college. Nothing in this section delegates the authority of the director or his designee to regulate or supervise the insurer or its affiliates within its jurisdiction to the supervisory college.  HISTORY: 2015 Act No. 2 (S.342), Section 2, eff March 9, 2015.