reglab/housing_qa huggingface dataset:
SC Code § 38-27-220 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-220. Court's seizure order.

 (a) The director or his designee may file in the circuit court a petition alleging, with respect to a domestic insurer:  (1) that grounds exist that would justify a court order for a formal delinquency proceeding against an insurer under this chapter;  (2) that the interests of policyholders, creditors, or the public will be endangered by delay; and  (3) the contents of an order considered necessary by the director or his designee.  (b) Upon a filing under subsection (a), the court may issue forthwith, ex parte and without a hearing, the requested order which shall direct the department to take possession and control of all or a part of the property, books, accounts, documents, and other records of an insurer and of the premises occupied by it for transaction of its business and, until further order of the court, shall enjoin the insurer and its officers, managers, agents, and employees from disposition of its property and from transaction of its business except with the written consent of the director or his designee.  (c) The court shall specify in the order what its duration is, which must be the time the court considers necessary for the department to ascertain the condition of the insurer. On motion of either party or on its own motion, the court may hold any hearings it considers desirable after notice it considers appropriate and may extend, shorten, or modify the terms of the seizure order. The court shall vacate the seizure order if the department fails to commence a formal proceeding under this chapter after having had a reasonable opportunity to do so. An order of the court pursuant to a formal proceeding under this chapter ipso facto vacates the seizure order.  (d) Entry of a seizure order under this section does not constitute an anticipatory breach of any contract of the insurer.  (e) An insurer subject to an ex parte order under this section may petition the court at any time after the issuance of the order for a hearing and review of the order. The court shall hold the hearing and review not more than fifteen days after the request. A hearing under this subsection may be held privately in chambers and it must be so held if the insurer proceeded against so requests.  (f) If, at any time after the issuance of a seizure order, it appears to the court that any person whose interest is or will be substantially affected by the order did not appear at the hearing and has not been served, the court may order that notice be given. An order that notice be given does not stay the effect of any order previously issued by the court.  HISTORY: Former 1976 Code Section 38-5-1920 [1982 Act No. 384, Section 10] recodified as Section 38-27-220 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 610.
SC Code § 38-27-230 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-230. Confidentiality of hearings.

 In proceedings and judicial reviews under Section 38-27-220, records of the insurer, other documents, insurance department files, and court records and papers, so far as they pertain to or are a part of the record of the proceedings, are and must remain confidential except as is necessary to obtain compliance, unless the circuit court, after hearing arguments from the parties in chambers, orders otherwise, or unless the insurer requests that the matter be made public. Until a court order, papers filed with the clerk of the circuit court must be held by him in a confidential file.  HISTORY: Former 1976 Code Section 38-5-1930 [1982 Act No. 384, Section 11] recodified as Section 38-27-230 by 1987 Act No. 155, Section 1; 1991 Act No. 13, Section 19; 1993 Act No. 181, Section 610.
SC Code § 38-27-320 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-320. Rehabilitation orders.

 (a) An order to rehabilitate the business of a domestic insurer or an alien insurer domiciled in this State shall appoint the director, and his successors in office, or his designee the rehabilitator and shall direct the rehabilitator to take possession immediately of the assets of the insurer and to administer them under the general supervision of the court. The filing or recording of the order with the clerk of court or register of deeds of the county in which the principal business of the company is conducted 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. The order to rehabilitate the insurer shall by operation of law vest title to all assets of the insurer in the rehabilitator.  (b) Any order issued under this section shall require accounting to the court by the rehabilitator. Accountings must be at intervals as the court specifies in its order.  (c) Entry of an order of rehabilitation does not constitute an anticipatory breach of any contracts of the insurer.  HISTORY: Former 1976 Code Section 38-5-2020 [1982 Act No. 384, Section 13] recodified as Section 38-27-320 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 612; 1997 Act No. 34, Section 1.
SC Code § 38-27-340 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-340. Actions by and against rehabilitator.

 (a) Any court in this State before which any action or proceeding in which the insurer is a party or is obligated to defend a party is pending when a rehabilitation order against the insurer is entered shall stay the action or proceeding for ninety days and any additional time necessary for the rehabilitator to obtain proper representation and prepare for further proceedings. The rehabilitator shall take any action respecting the pending litigation he considers necessary in the interests of justice and for the protection of creditors, policyholders, and the public. The rehabilitator shall immediately consider all litigation pending outside this State and shall petition the courts having jurisdiction over that litigation for stays whenever necessary to protect the estate of the insurer.  (b) No statute of limitations or defense of laches runs with respect to any action by or against an insurer between the filing of a petition for appointment of a rehabilitator for that insurer and the order granting or denying that petition. Any action by or against the insurer that might have been commenced when the petition was filed may be commenced for at least sixty days after the order of rehabilitation is entered or the petition is denied.  (c) Any guaranty association or foreign guaranty association covering life or health insurance or annuities has standing to appear in any court proceeding concerning the rehabilitation of a life or health insurer if the association is or may become liable to act as a result of the rehabilitation.  HISTORY: Former 1976 Code Section 38-5-2040 [1982 Act No. 384, Section 15] recodified as Section 38-27-340 by 1987 Act No. 155, Section 1.
SC Code § 38-27-350 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-350. Termination of rehabilitation.

 (a) Whenever the director or his designee believes further attempts to rehabilitate an insurer would substantially increase the risk of loss to creditors, policyholders, or the public or would be futile, the director or his designee may petition the circuit court for an order of liquidation. A petition under this subsection has the same effect as a petition under Section 38-27-360. The circuit court shall permit the directors of the insurer to take actions reasonably necessary to defend against the petition and may order payment from the estate of the insurer of costs and other expenses of defense as justice requires.  (b) The rehabilitator may at any time petition the circuit court for an order terminating rehabilitation of an insurer. The court shall also permit the directors of the insurer to petition the court for an order terminating rehabilitation of the insurer and may order payment from the estate of the insurer of costs and other expenses of the petition as justice requires. If the circuit court finds that rehabilitation has been accomplished and that grounds for rehabilitation under Section 38-27-310 no longer exist, it shall order that the insurer be restored to possession of its property and the control of its business. The circuit court may also make that finding and issue that order at any time upon its own motion.  HISTORY: Former 1976 Code Section 38-5-2050 [1982 Act No. 384, Section 16] recodified as Section 38-27-350 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 614.
SC Code § 38-27-360 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-360. Grounds for liquidation.

 The director or his designee may petition the circuit court as provided by law for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this State on the basis:  (1) of any ground for an order of rehabilitation as specified in Section 38-27-310, whether or not there has been a prior order directing the rehabilitation of the insurer;  (2) that the insurer is insolvent; or  (3) that the insurer is in such a condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors, or the public.  HISTORY: Former 1976 Code Section 38-5-2060 [1982 Act No. 384, Section 17] recodified as Section 38-27-360 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 615.
SC Code § 38-27-380 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-380. Continuance of coverage.

 (a) All policies, other than life or health insurance or annuities, in effect at the time of issuance of an order of liquidation continue in force only for the lesser of:  (1) a period of thirty days from the date of entry of the liquidation order;  (2) the expiration of the policy coverage;  (3) the date when the insured has replaced the insurance coverage with equivalent insurance in another insurer or otherwise terminated the policy; or  (4) the liquidator has effected a transfer of the policy obligation pursuant to Section 38-27-400(a)(8).  (b) An order of liquidation under Section 38-27-370 terminates coverages at the time specified in subsection (a) of this section for purposes of any other statute.  (c) Policies of life or health insurance or annuities continue in force for the period and under the terms as provided for by any applicable guaranty association or foreign guaranty association.  (d) Policies of life or health insurance or annuities or any period or coverage of the policies not covered by a guaranty association or foreign guaranty association terminates under subsections (a) and (b) of this section.  HISTORY: Former 1976 Code Section 38-5-2080 [1982 Act No. 384, Section 19] recodified as Section 38-27-380 by 1987 Act No. 155, Section 1.
SC Code § 38-27-390 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-390. Dissolution of insurer.

 The director or his designee may petition for an order dissolving the corporate existence of a domestic insurer or the United States branch of an alien insurer domiciled in this State at the time he applies for a liquidation order. The court as provided by law shall order dissolution of the corporation upon petition by the director or his designee upon or after the granting of a liquidation order. If the dissolution has not previously been ordered, it must be effected by operation of law upon the discharge of the liquidator if the insurer is insolvent but may be ordered by the court upon the discharge of the liquidator if the insurer is under a liquidation order for some other reason.  HISTORY: Former 1976 Code Section 38-5-2090 [1982 Act No. 384, Section 20] recodified as Section 38-27-390 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 617.
SC Code § 38-27-410 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-410. Notice to creditors and others.

 (a) Unless the court otherwise directs, the liquidator shall give or cause to be given notice of the liquidation order as soon as possible:  (1) By first class mail and either by telegram or telephone to the insurance commissioner of each jurisdiction in which the insurer is doing business.  (2) By first class mail to any guaranty association or foreign guaranty association which is or may become obligated as a result of the liquidation.  (3) By first class mail to all insurance agents of the insurer.  (4) By first class mail to all persons known or reasonably expected to have claims against the insurer, including all policyholders, at their last known addresses as indicated by the records of the insurer.  (5) By publication in a newspaper of general circulation in the county in which the insurer has its principal place of business and in any other locations the liquidator considers appropriate.  (b) Notice to potential claimants under subsection (a) requires claimants to file with the liquidator their claims together with proper proofs thereof under Section 38-27-550 by a date the liquidator specifies in the notice. The liquidator need not require persons claiming cash surrender values or other investment values in life insurance and annuities to file a claim. All claimants have a duty to keep the liquidator informed of any changes of address.  (c) If notice is given in accordance with this section, the distribution of assets of the insurer under this chapter is conclusive with respect to all claimants, whether or not they received notice.  HISTORY: Former 1976 Code Section 38-5-2110 [1982 Act No. 384, Section 22] recodified as Section 38-27-410 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 619.
SC Code § 38-27-420 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-420. Duties of agents.

 (a) Every person who receives notice in the form prescribed in Section 38-27-410 that an insurer which he represents as an agent is the subject of a liquidation order shall within fifteen days of the notice give notice of the liquidation order. The notice must be sent by first class mail to the last address contained in the agent's records to each policyholder or other person named in any policy issued through the agent by the insurer, if he has a record of the address of the policyholder or other person. A policy is considered issued through an agent if the agent has a property interest in the expiration of the policy, or if the agent has had in his possession a copy of the declarations of the policy at any time during the life of the policy, except where the ownership of the expiration of the policy has been transferred to another. The written notice shall include the name and address of the insurer, the name and address of the agent, identification of the policy impaired, and the nature of the impairment including termination of coverage, as described in Section 38-27-380. Notice by a general agent satisfies the notice requirement for any agents under contract to him. Each agent obligated to give notice under this section shall file a report of compliance with the liquidator.  (b) Any agent failing to give notice or file a report of compliance as required in subsection (a) of this section is subject to the penalty provisions of Section 38-2-10.  (c) The liquidator may waive the duties imposed by this section if he determines that other notice to the policyholders of the insurer under liquidation is adequate.  HISTORY: Former 1976 Code Section 38-5-2120 [1982 Act No. 384, Section 23] recodified as Section 38-27-420 by 1987 Act No. 155, Section 1; 1988 Act No. 374, Section 10.
SC Code § 38-27-430 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-430. Actions by and against liquidator.

 (a) Upon issuance of an order appointing a liquidator of a domestic insurer or of an alien insurer domiciled in this State, no action at law or equity may be brought against the insurer or liquidator, whether in this State or elsewhere; nor may any existing actions be maintained or further presented after issuance of the order. The courts of this State shall give full faith and credit to injunctions against the liquidator or the company or the continuation of existing actions against the liquidator or the company, when the injunctions are included in an order to liquidate an insurer issued pursuant to corresponding provisions in other states. Whenever, in the liquidator's judgment, protection of the estate of the insurer necessitates intervention in an action against the insurer that is pending outside this State, he may intervene in the action. The liquidator may defend any action in which he intervenes under this section at the expense of the estate of the insurer.  (b) The liquidator may, upon or after an order for liquidation, within two years or such time in addition to two years as applicable law may permit, institute an action or proceeding on behalf of the estate of the insurer upon any cause of action against which the period of limitation fixed by applicable law has not expired at the time of the filing of the petition upon which the order is entered. Where, by any agreement, a period of limitation is fixed for instituting a suit or proceeding upon any claim, or for filing any claim, proof of claim, proof of loss, demand, notice, or the like, or where in any proceeding, judicial or otherwise, a period of limitation is fixed, either in the proceeding or by applicable law, for taking any action, filing any claim or pleading, or doing any act, and where in the case the period had not expired at the date of the filing of the petition, the liquidator may, for the benefit of the estate, take any action or do any act, required of or permitted to the insurer, within a period of one hundred eighty days after the entry of an order for liquidation, or within a further period that is shown to the satisfaction of the court not to be unfairly prejudicial to the other party.  (c) No statute of limitations or defense of laches runs with respect to any action against an insurer between the filing of a petition for liquidation against an insurer and the denial of the petition. Any action against the insurer that might have been commenced when the petition was filed may be commenced for at least sixty days after the petition is denied.  (d) Any guaranty association or foreign guaranty association has standing to appear in any court proceeding concerning the liquidation of an insurer if the association is or may become liable to act as a result of the liquidation.  HISTORY: Former 1976 Code Section 38-5-2130 [1982 Act No. 384, Section 24] recodified as Section 38-27-430 by 1987 Act No. 155, Section 1.
SC Code § 38-27-440 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-440. Collection and list of assets.

 (a) As soon as practicable after the liquidation order but not later than one hundred twenty days thereafter, the liquidator shall prepare in duplicate a list of the insurer's assets. The list must be amended or supplemented from time to time as the liquidator may determine. One copy must be filed in the office of the clerk of the circuit court and one copy must be retained for the liquidator's files. All amendments and supplements must be similarly filed.  (b) The liquidator shall reduce the assets to a degree of liquidity that is consistent with the effective execution of the liquidation.  (c) A submission to the court for disbursement of assets in accordance with Section 38-27-530 fulfills the requirements of subsection (a) of this Section.  HISTORY: Former 1976 Code Section 38-5-2140 [1982 Act No. 384, Section 25] recodified as Section 38-27-440 by 1987 Act No. 155, Section 1.
SC Code § 38-27-450 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 27 - Insurers' Rehabilitation And Liquidation Act|Section 38-27-450. Fraudulent transfers prior to petition.

 (a) Every transfer made or suffered and every obligation incurred by an insurer within one year prior to the filing of a successful petition for rehabilitation or liquidation under this chapter is fraudulent as to then existing and future creditors if made or incurred without fair consideration or with actual intent to hinder, delay, or defraud either existing or future creditors. A transfer made or an obligation incurred by an insurer ordered to be rehabilitated or liquidated under this chapter, which is fraudulent under this section, may be avoided by the receiver, except as to a person who in good faith is a purchaser, lienor, or obligee for a present fair equivalent value and except that any purchaser, lienor, or obligee, who in good faith has given a consideration less than fair for the transfer, lien, or obligation, may retain the property, lien, or obligation as security for repayment. The court may, on due notice, order the transfer or obligation to be preserved for the benefit of the estate, and, in that event, the receiver succeeds to and may enforce the rights of the purchaser, lienor, or obligee.  (b)(1) A transfer of property other than real property is considered made or suffered when it becomes so far perfected that no later lien obtainable by legal or equitable proceedings on a simple contract could become superior to the rights of the transferee under Section 38-27-470.  (2) A transfer of real property is considered made or suffered when it becomes so far perfected that no subsequent bona fide purchaser from the insurer could obtain rights superior to the rights of the transferee.  (3) A transfer which creates an equitable lien is not considered perfected if there are available means by which a legal lien could be created.  (4) Any transfer not perfected prior to the filing of a petition for liquidation is considered made immediately before the filing of the successful petition.  (5) This subsection (b) applies whether or not there are or were creditors who might have obtained any liens or persons who might have become bona fide purchasers.  (c) Any transaction of the insurer with a reinsurer is considered fraudulent and may be avoided by the receiver under subsection (a) if:  (1) The transaction consists of the termination, adjustment, or settlement of a reinsurance contract in which the reinsurer is released from any part of its duty to pay the originally specified share of losses that had occurred prior to the time of the transaction, unless the reinsurer gives a present fair equivalent value for the release.  (2) Any part of the transaction took place within one year prior to the date of filing of the petition through which the receivership was commenced.  HISTORY: Former 1976 Code Section 38-5-2150 [1982 Act No. 384, Section 26] recodified as Section 38-27-450 by 1987 Act No. 155, Section 1.