reglab/housing_qa huggingface dataset:
SC Code § 38-27-590 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-590. Claims of surety.

 Whenever a creditor whose claim against an insurer is secured, in whole or in part, by the undertaking of another person fails to prove and file that claim, the other person may do so in the creditor's name and is subrogated to the rights of the creditor, whether the claim has been filed by the creditor or by the other person in the creditor's name, to the extent that he discharges the undertaking. In the absence of an agreement with the creditor to the contrary, however, the other person is not entitled to any distribution until the amount paid to the creditor on the undertaking, plus the distributions paid on the claim from the insurer's estate to the creditor, equals the amount of the entire claim of the creditor. Any excess received by the creditor must be held by him in trust for the other person. The term "other person" as used in this section is not intended to apply to a guaranty association or foreign guaranty association.  HISTORY: Former 1976 Code Section 38-5-2290 [1982 Act No. 384, Section 40] recodified as Section 38-27-590 by 1987 Act No. 155, Section 1.
SC Code § 38-27-600 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-600. Secured creditor's claims.

 (a) The value of any security held by a secured creditor must be determined in one of the following ways, as the court may direct:  (1) by converting the same into money according to the terms of the agreement pursuant to which the security was delivered to the creditor; or  (2) by agreement, arbitration, compromise, or litigation between the creditor and the liquidator.  (b) The determination must be under the supervision and control of the court with due regard for the recommendation of the liquidator. The amount so determined must be credited upon the secured claim, and any deficiency is treated as an unsecured claim. If the claimant surrenders his security to the liquidator, the entire claim is allowed as if unsecured.  HISTORY: Former 1976 Code Section 38-5-2300 [1982 Act No. 384, Section 41] recodified as Section 38-27-600 by 1987 Act No. 155, Section 1.
SC Code § 38-27-620 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-620. Liquidator's recommendations to court.

 (a) The liquidator shall review all claims duly filed in the liquidation and shall make any further investigation he considers necessary. He may compound, compromise, or in any other manner negotiate the amount for which claims will be recommended to the court except where the liquidator is required by law to accept claims as settled by any person or organization, including any guaranty association or foreign guaranty association. Unresolved disputes are determined under Section 38-27-580. As soon as practicable, he shall present to the court a report of the claims against the insurer with his recommendations. The report shall include the name and address of each claimant and the amount of the claim finally recommended, if any. If the insurer has issued annuities or life insurance policies, the liquidator shall report the persons to whom, according to the records of the insurer, amounts are owed as cash surrender values or other investment value and the amounts owed.  (b) The court may approve, disapprove, or modify the report on claims by the liquidator. The reports not modified by the court within a period of sixty days following submission by the liquidator must be treated by the liquidator as allowed claims, subject thereafter to later modification or to rulings made by the court pursuant to Section 38-27-580. No claim under a policy of insurance may be allowed for an amount in excess of the applicable policy limits.  HISTORY: Former 1976 Code Section 38-5-2320 [1982 Act No. 384, Section 43] recodified as Section 38-27-620 by 1987 Act No. 155, Section 1.
SC Code § 38-27-630 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-630. Distribution of assets.

 Under the direction of the court, the liquidator shall pay distributions in a manner that will assure the proper recognition of priorities and a reasonable balance between the expeditious completion of the liquidation and the protection of unliquidated and undetermined claims, including third party claims. Distribution of assets in kind may be made at valuations set by agreement between the liquidator and the creditor and approved by the court.  HISTORY: Former 1976 Code Section 38-5-2330 [1982 Act No. 384, Section 44] recodified as Section 38-27-630 by 1987 Act No. 155, Section 1.
SC Code § 38-27-640 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-640. Unclaimed and withheld funds.

 (a) All unclaimed funds subject to distribution remaining in the liquidator's hands when he is ready to apply to the court for discharge, including the amount distributable to any creditor, shareholder, member, or other person who is unknown or cannot be found, must be deposited with the State Treasurer and must be paid without interest except in accordance with Section 38-27-610 to the person entitled thereto or his legal representative upon proof satisfactory to the State Treasurer of his right thereto. Unclaimed funds deposited with the State Treasurer in accordance with this section must be advertised and disposed of in accordance with the provisions of Section 27-19-220.  (b) All funds withheld under Section 38-27-560 and not distributed must, upon discharge of the liquidator, be deposited with the State Treasurer and paid by him in accordance with Section 38-27-610. Any sums remaining which under Section 38-27-610 would revert to the undistributed assets of the insurer must be transferred to the State Treasurer and become the property of the state under subsection (a) of this section unless the director or his designee in his discretion petitions the court to reopen the liquidation under Section 38-27-660.  HISTORY: Former 1976 Code Section 38-5-2340 [1982 Act No. 384, Section 45] recodified as Section 38-27-640 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 622.
SC Code § 38-27-650 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-650. Termination of proceedings.

 (a) When all assets justifying the expense of collection and distribution have been collected and distributed under this chapter the liquidator shall apply to the court for discharge. The court may grant the discharge and make any other orders, including an order to transfer any remaining funds that are uneconomic to distribute, as may be considered appropriate.  (b) Any other person may apply to the court at any time for an order under subsection (a). If the application is denied, the applicant shall pay the costs and expenses of the liquidator in resisting the application, including a reasonable attorney's fee.  HISTORY: Former 1976 Code Section 38-5-2350 [1982 Act No. 384, Section 46] recodified as Section 38-27-650 by 1987 Act No. 155, Section 1.
SC Code § 38-27-660 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-660. Reopening liquidation.

 After the liquidation proceeding has been terminated and the liquidator discharged, the director or his designee or other interested party may at any time petition the circuit court to reopen the proceedings for good cause, including the discovery of additional assets. If the court is satisfied that there is justification for reopening, it must so order.  HISTORY: Former 1976 Code Section 38-5-2360 [1982 Act No. 384, Section 47] recodified as Section 38-27-660 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 623.
SC Code § 38-27-670 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-670. Disposition of records during and after termination of liquidation.

 Whenever it appears to the director or his designee that the records of any insurer in process of liquidation or completely liquidated are no longer useful, he may recommend to the court, and the court shall direct, what records should be retained for future reference and what should be destroyed.  HISTORY: Former 1976 Code Section 38-5-2370 [1982 Act No. 384, Section 48] recodified as Section 38-27-670 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 624.
SC Code § 38-27-680 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-680. External audit of receiver's books.

 The circuit court may, as it considers desirable, cause audits to be made of the books of the director or his designee relating to any receivership established under this chapter, and a report of each audit must be filed with the department and with the court. The books, records, and other documents of the receivership must be made available to the auditor at any time without notice. The expense of each audit is considered a cost of administration of the receivership.  HISTORY: Former 1976 Code Section 38-5-2380 [1982 Act No. 384, Section 49] recodified as Section 38-27-680 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 625.
SC Code § 38-27-910 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-910. Conservation of property of alien or foreign insurers.

 (a) If a domiciliary liquidator has not been appointed, the director or his designee may apply to the circuit court by verified petition for an order directing him to act as conservator to conserve the property of an alien insurer not domiciled in this State or a foreign insurer on any one or more of the following grounds:  (1) Any of the grounds in Section 38-27-310.  (2) That any of its property has been sequestered by official action in its domiciliary state or in any other state.  (3) That enough of its property has been sequestered in a foreign country to give reasonable cause to fear that the insurer is or may become insolvent.  (4)(i) That its certificate of authority to do business in this State has been revoked or that none was ever issued; and  (ii) That there are residents of this State with outstanding claims or outstanding policies.  (b) When an order is sought under subsection (a) of this section, the court shall cause the insurer to be given reasonable notice and time to respond.  (c) The court may issue the order in whatever terms it considers appropriate. The filing or recording of the order with the clerk of court or the register of deeds of the county in which the principal business of the company is located or the county in which its principal office or place of business is located imparts the same notice which a deed, bill of sale, or other evidence of title duly filed or recorded with that office would have imparted.  (d) The conservator may at any time petition for, and the court may grant, an order under Section 38-27-920 to liquidate assets of a foreign or alien insurer under conservation or, if appropriate, for an order under Section 38-27-940, to be appointed ancillary receiver.  (e) The conservator may at any time petition the court for an order terminating conservation of an insurer. If the court finds that the conservation is no longer necessary, it shall order that the insurer be restored to possession of its property and the control of its business. The court may also make that finding and issue the order at any time upon motion of any interested party, but, if the motion is denied, all costs must be assessed against the interested party.  HISTORY: Former 1976 Code Section 38-5-2410 [1982 Act No. 384, Section 50] recodified as Section 38-27-910 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 626; 1997 Act No. 34, Section 1.
SC Code § 38-27-920 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-920. Liquidation of property of alien or foreign insurers.

 (a) If no domiciliary receiver has been appointed, the director or his designee may apply to the circuit court by verified petition for an order directing him to liquidate the assets found in this State of a foreign insurer or an alien insurer not domiciled in this State, on any of the following grounds:  (1) any of the grounds in Section 38-27-310 or 38-27-360; or  (2) any of the grounds specified in items (2) through (4) of subsection (a) of Section 38-27-910.  (b) When an order is sought under subsection (a) of this section, the court shall cause the insurer to be given reasonable notice and time to respond.  (c) If it appears to the court that the best interests of creditors, policyholders, and the public require, the court may issue an order to liquidate in whatever terms it considers appropriate. The filing or recording of the order with the clerk of court or the register of deeds of the county in which the principal business of the company is located or the county in which its principal office or place of business is located imparts the same notice which a deed, bill of sale, or other evidence of title duly filed or recorded with that office would have imparted.  (d) If a domiciliary liquidator is appointed in a reciprocal state while a liquidation is proceeding under this section, the liquidator under this section must thereafter act as ancillary receiver under Section 38-27-940. If a domiciliary liquidator is appointed in a nonreciprocal state while a liquidation is proceeding under this section, the liquidator under this section may petition the court for permission to act as ancillary receiver under Section 38-27-940.  (e) On the same grounds as are specified in subsection (a) of this section, the director or his designee may petition any appropriate federal district court to be appointed receiver to liquidate that portion of the insurer's assets and business over which the court will exercise jurisdiction or any lesser part thereof that the director or his designee considers desirable for the protection of the policyholders and creditors in this State.  (f) may order the director or his designee, when he has liquidated the assets of a foreign or alien insurer under this section, to pay claims of residents of this State against the insurer under such rules as to the liquidation of insurers under this chapter as are otherwise compatible with the provisions of this section.  HISTORY: Former 1976 Code Section 38-5-2420 [1982 Act No. 384, Section 51] recodified as Section 38-27-920 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 627; 1997 Act No. 34, Section 1.
SC Code § 38-27-930 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-930. Domiciliary liquidators in other states.

 (a) The domiciliary liquidator of an insurer domiciled in a reciprocal state is, except as to special deposits and security on secured claims under Section 38-27-940(c), vested by operation of law with the title to all of the assets, property, contracts and rights of action, agents' balances, and all of the books, accounts, and other records of the insurer located in this State. The date of vesting is the date of the filing of the petition, if that date is specified by the domiciliary law for the vesting of property in the domiciliary state. Otherwise, the date of vesting is the date of entry of the order directing possession to be taken. The domiciliary liquidator has the immediate right to recover balances due from agents and to obtain possession of the books, accounts, and other records of the insurer located in this State. He also has the right to recover all other assets of the insurer located in this State, subject to Section 38-27-940.  (b) If a domiciliary liquidator is appointed for an insurer not domiciled in a reciprocal state, the director of this State or his designee is vested by operation of law with the title to all of the property, contracts and rights of action, and all of the books, accounts, and other records of the insurer located in this State, at the same time that the domiciliary liquidator is vested with title in the domicile. The director of this State or his designee may petition for a conservation or liquidation order under Section 38-27-910 or 38-27-920, or for an ancillary receivership under Section 38-27-940 or, after approval by the circuit court, may transfer title to the domiciliary liquidator, as the interests of justice and the equitable distribution of the assets require.  (c) Claimants residing in this State may file claims with the liquidator or ancillary receiver, if any, in this State or with the domiciliary liquidator, if the domiciliary law permits. The claims must be filed by the last date fixed for the filing of claims in the domiciliary liquidation proceedings.  HISTORY: Former 1976 Code Section 38-5-2430 [1982 Act No. 384, Section 52] recodified as Section 38-27-930 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 628.
SC Code § 38-27-940 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-940. Ancillary formal proceedings.

 (a) If a domiciliary liquidator has been appointed for an insurer not domiciled in this State, the director or his designee may file a petition with the circuit court requesting appointment as ancillary receiver in this State:  (1) If he finds that there are sufficient assets of the insurer located in this State to justify the appointment of an ancillary receiver.  (2) If the protection of creditors or policyholders in this State so requires.  (b) The court may issue an order appointing an ancillary receiver in whatever terms it considers appropriate. The filing or recording of the order with a register of deeds in this State imparts the same notice which a deed, bill of sale, or other evidence of title duly filed or recorded with that office would impart.  (c) When a domiciliary liquidator has been appointed in a reciprocal state, then the ancillary receiver appointed in this State may, whenever necessary, aid and assist the domiciliary liquidator in recovering assets of the insurer located in this State. The ancillary receiver shall, as soon as practicable, liquidate from their respective securities those special deposit claims and secured claims which are proved and allowed in the ancillary proceedings in this State and shall pay the necessary expenses of the proceedings. He shall promptly transfer all remaining assets, books, accounts, and records to the domiciliary liquidator. Subject to this section, the ancillary receiver and his deputies have the same powers and are subject to the same duties with respect to the administration of assets as a liquidator of an insurer domiciled in this State.  (d) When a domiciliary liquidator has been appointed in this State, ancillary receivers appointed in reciprocal states have, as to assets and books, accounts, and other records in their respective states, corresponding rights, duties, and powers to those provided in subsection (c) for ancillary receivers appointed in this State.  HISTORY: Former 1976 Code Section 38-5-2440 [1982 Act No. 384, Section 53] recodified as Section 38-27-940 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 629; 1997 Act No. 34, Section 1.
SC Code § 38-27-950 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-950. Ancillary summary proceedings.

 The director or his designee in his sole discretion may institute proceedings under Sections 38-27-220 and 38-27-230 at the request of the commissioner or other appropriate insurance official of the domiciliary state of a foreign or an alien insurer having property located in this State.  HISTORY: Former 1976 Code Section 38-5-2450 [1982 Act No. 384, Section 54] recodified as Section 38-27-950 by 1987 Act No. 155, Section 1; 1991 Act No. 13, Section 25; 1993 Act No. 181, Section 630.
SC Code § 38-27-960 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-960. Claims of nonresidents against insurers domiciled in South Carolina.

 (a) In a liquidation proceeding begun in this State against an insurer domiciled in this State, claimants residing in foreign countries or in states not reciprocal states shall file claims in this State and claimants residing in reciprocal states may file claims either with the ancillary receivers, if any, in their respective states or with the domiciliary liquidator. Claims must be filed by the last date fixed for the filing of claims in the domiciliary liquidation proceeding.  (b) Claims belonging to claimants residing in reciprocal states may be proved either in the liquidation proceeding in this State as provided in this chapter or in ancillary proceedings, if any, in the reciprocal states. If notice of the claims and opportunity to appear and be heard are afforded the domiciliary liquidator of this State as provided in Section 38-27-970(b) with respect to ancillary proceedings, the final allowance of claims by the courts in ancillary proceedings in reciprocal states is conclusive as to amount and as to priority against special deposits or other security located in the ancillary states but is not conclusive with respect to priorities against general assets under Section 38-27-610.  HISTORY: Former 1976 Code Section 38-5-2460 [1982 Act No. 384, Section 55] recodified as Section 38-27-960 by 1987 Act No. 155, Section 1.
SC Code § 38-27-970 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-970. Claims of residents against insurers domiciled in reciprocal states.

 (a) In a liquidation proceeding in a reciprocal state against an insurer domiciled in that state, claimants against the insurer who reside within this State may file claims either with the ancillary receiver, if any, in this State or with the domiciliary liquidator. Claims must be filed by the last dates fixed for the filing of claims in the domiciliary liquidation proceeding.  (b) Claims belonging to claimants residing in this State may be proved either in the domiciliary state under the law of that state or in ancillary proceedings, if any, in this State. If a claimant elects to prove his claim in this State, he shall file his claim with the liquidator in the manner provided in Sections 38-27-540 and 38-27-550. The ancillary receiver shall make his recommendation to the court as under Section 38-27-620. He shall also arrange a date for hearing if necessary under Section 38-27-580 and shall give notice to the liquidator in the domiciliary state, either by certified mail or by personal service, at least forty days prior to the date set for hearing. If the domiciliary liquidator, within thirty days after the giving of the notice, gives notice in writing to the ancillary receiver and to the claimant, either by certified mail or by personal service, of his intention to contest the claim, he is entitled to appear or to be represented in any proceeding in this State involving the adjudication of the claim.  (c) The final allowance of the claim by the courts of this State is conclusive as to the amount and as to priority against special deposits or other security located in this State.  HISTORY: Former 1976 Code Section 38-5-2470 [1982 Act No. 384, Section 56] recodified as Section 38-27-970 by 1987 Act No. 155, Section 1.