reglab/housing_qa huggingface dataset:
SC Code § 38-21-300 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-300. Regulations and orders of director.

 The department or the director, as appropriate, may, upon notice and opportunity for all interested persons to be heard, issue regulations and orders necessary to carry out the provisions of this chapter.  HISTORY: Former 1976 Code Section 38-21-300 [1947 (45) 322; 1952 Code Section 37-880; 1962 Code Section 37-880] recodified as Section 38-37-300 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-29-290 [1962 Code Section 37-1427; 1971 (57) 351] recodified as Section 38-21-300 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 586.
SC Code § 38-21-310 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-310. Enjoining violations of chapter, regulations, or orders.

 Whenever it appears to the director or his designee that an insurer or a director, officer, employee, or agent of it has committed or is about to commit a violation of this chapter or of any regulation by the department or order issued by the director or his designee hereunder, the director or his designee may apply to the circuit court for the county in which the principal office of the insurer is located or if the insurer has no such office in this State then to the Circuit Court for Richland County for an order enjoining the insurer or its director, officer, employee, or agent from violating or continuing to violate this chapter or any regulation or order and for any other equitable relief which the nature of the case and the interests of the insurer's policyholders, creditors, and shareholders or the public may require.  HISTORY: Former 1976 Code Section 38-21-310 [1947 (45) 322; 1952 Code Section 37-881; 1962 Code Section 37-881] recodified as Section 38-37-310 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-29-300 [1962 Code Section 37-1428; 1971 (57) 351] recodified as Section 38-21-310 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 587.
SC Code § 38-21-320 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-320. Voting of securities acquired in violation of chapter, regulations, or orders may be enjoined.

 No security which is the subject of an agreement or arrangement regarding acquisition, or which is acquired or to be acquired, in contravention of this chapter or of any regulation issued by the department or order issued by the director or his designee hereunder may be voted at any shareholders' meetings or may be counted for quorum purposes, and any action of shareholders requiring the affirmative vote of a percentage of shares may be taken as though these securities were not issued and outstanding. No action taken at a shareholders' meeting may be invalidated by the voting of these securities, unless the action would materially affect control of the insurer or unless the courts of this State have so ordered. If an insurer or the director or his designee has reason to believe that any security of the insurer has been or is about to be acquired in contravention of this chapter or of any regulation issued by the department or order issued by the director or his designee hereunder, the insurer or the director or his designee may apply to the Circuit Court for Richland County or to the circuit court for the county in which the insurer has its principal place of business to enjoin any offer, request, invitation, agreement, or acquisition made in contravention of Sections 38-21-60 through 38-21-120 or any regulation issued by the department or order issued by the director or his designee thereunder, to enjoin the voting of any security so acquired, to void any vote of the security already cast at any meeting of shareholders, and for any other equitable relief which the nature of the case and the interests of the insurer's policyholders, creditors, and shareholders or the public may require.  HISTORY: Former 1976 Code Section 38-21-320 [1947 (45) 322; 1952 Code Section 37-882; 1962 Code Section 37-882] has no comparable provisions in 1987 Act No. 155] Former 1976 Code Section 38-29-310 [1962 Code Section 37-1429; 1971 (57) 351] recodified as Section 38-21-320 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 588.
SC Code § 38-21-330 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-330. Seizure or sequestration of securities acquired in violation of chapter, regulations, or order.

 In a case where a person has acquired or is proposing to acquire voting securities in violation of this chapter, or any regulation issued by the department or order issued by the director or his designee hereunder, the Circuit Court for Richland County or the circuit court for the county in which the insurer has its principal place of business may, on notice which the court considers appropriate, upon the application of the insurer or the director or his designee, seize or sequester any voting securities of the insurer owned directly or indirectly by this person and issue orders appropriate to effectuate this chapter. Notwithstanding any other provision of law, for the purposes of this chapter the situs of the ownership of the securities of domestic insurers is considered to be in this State.  HISTORY: Former 1976 Code Section 38-29-320 [1962 Code Section 37-1430; 1971 (57) 351] recodified as Section 38-21-330 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 589.
SC Code § 38-21-350 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-350. Director may take possession of property and conduct business of insurer.

 Whenever it appears to the director or his designee that a person has committed a violation of this chapter which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, or the public, then the director or his designee may proceed as provided in Chapter 27 of this title to take possession of the property of the insurer and to conduct its business.  HISTORY: Former 1976 Code Section 38-29-340 [1962 Code Section 37-1432; 1971 (57) 351; 1986 Act No. 426, Section 21] recodified as Section 38-21-350 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 591.
SC Code § 38-21-360 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-360. Authority of receiver to recover certain distributions and payments.

 (a) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order has a right to recover on behalf of the insurer (i) from any parent corporation or holding company or person or affiliate who otherwise controlled the insurer, the amount of distributions (other than distributions of shares of the same class of stock) paid by the insurer on its capital stock, or (ii) any payment in the form of a bonus, termination settlement, or extraordinary lump sum salary adjustment made by the insurer or its subsidiary to a director, officer, or employee, where the distribution or payment pursuant to (i) or (ii) is made at any time during the one year preceding the petition for liquidation, conservation, or rehabilitation, as the case may be, subject to the limitations of subsections (b), (c), and (d).  (b) No such distribution may be recoverable if the parent or affiliate shows that when paid the distribution was lawful and reasonable and that the insurer did not know and could not reasonably have known that the distribution might adversely affect the ability of the insurer to fulfill its contractual obligations.  (c) Any person who was a parent corporation or holding company or a person who otherwise controlled the insurer or affiliate at the time the distributions were paid is liable up to the amount of distributions or payments under subsection (a). Any person who otherwise controlled the insurer at the time the distributions were declared is liable up to the amount of distributions he would have received if they had been paid immediately. If two or more persons are liable with respect to the same distributions, they are jointly and severally liable.  (d) The maximum amount recoverable under this section is the amount needed in excess of all other available assets of the impaired or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer and to reimburse any guaranty funds.  (e) To the extent that any person liable under subsection (c) is insolvent or otherwise fails to pay claims due from it pursuant to such subsection, its parent corporation or holding company or person who otherwise controlled it at the time the distribution was paid is jointly and severally liable for any resulting deficiency in the amount recovered from the parent corporation or holding company or person who otherwise controlled it.  HISTORY: Former 1976 Code Section 38-29-350 [1962 Code Section 37-1433; 1971 (57) 351; 1986 Act No. 426, Section 22] recodified as Section 38-21-360 by 1987 Act No. 155, Section 1.
SC Code § 38-21-370 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-370. Judicial review of action, order, or decision of director.

 Any action, order, or decision of the director or his designee pursuant to this chapter is subject to judicial review by the Administrative Law Court as provided by law.  HISTORY: Former 1976 Code Section 38-29-360 [1962 Code Section 37-1434; 1971 (57) 351; 1987 Act No. 60, Section 3] recodified as Section 38-21-370 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 592.
SC Code § 38-21-390 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 21 - Insurance Holding Company Regulatory Act|Section 38-21-390. Severability.

 If any provision of this chapter or the application thereof to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and for this purpose the provisions of this chapter are separable.  HISTORY: Former 1976 Code Section 38-29-380 [1962 Code Section 37-1436; 1971 (57) 351] recodified as Section 38-21-390 by 1987 Act No. 155, Section 1.
SC Code § 38-23-10 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 23 - Insider Trading In Securities Of Domestic Stock Insurers|Section 38-23-10. Short title.

 This chapter is known and may be cited as the "Insider Trading Statute".  HISTORY: Former 1976 Code Section 38-23-10 [1947 (45) 322; 1952 Code Section 37-1001; 1962 Code Section 37-1001] recodified as Section 38-35-10 by 1987 Act No. 155, Section 1; Former 1976 Code Section 35-9-10 [1962 Code Section 62-471; 1966 (54) 2146] recodified as Section 38-23-10 by 1987 Act No. 155, Section 1.
SC Code § 38-23-20 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 23 - Insider Trading In Securities Of Domestic Stock Insurers|Section 38-23-20. "Equity security" defined.

 "Equity security", when used in this chapter, means any stock or similar security; or any security convertible, with or without consideration, into such a security, or carrying any warrant or right to subscribe to or purchase such a security; or any such warrant or right; or any other security which the director or his designee considers to be of similar nature and considers necessary or appropriate, by any regulation the department may prescribe in the public interest or for the protection of investors, to treat as an equity security.  HISTORY: Former 1976 Code Section 38-23-20 [1947 (45) 322; 1952 Code Section 37-1002; 1962 Code Section 37-1002] recodified as Section 38-35-20 by 1987 Act No. 155, Section 1; Former 1976 Code Section 35-9-20 [1962 Code Section 62-477; 1966 (54) 2146] recodified as Section 38-23-20 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 593.
SC Code § 38-23-30 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 23 - Insider Trading In Securities Of Domestic Stock Insurers|Section 38-23-30. "Beneficial owner" defined.

 "Beneficial owner", when used in this chapter, means a person who directly or indirectly beneficially owns more than ten percent of any class of any equity security of a domestic stock insurer.  HISTORY: Former 1976 Code Section 38-23-30 [1947 (45) 322; 1952 Code Section 37-1003; 1962 Code Section 37-1003; 1984 Act No. 330] recodified as Section 38-35-30 by 1987 Act No. 155, Section 1; En, 1987 Act No. 155, Section 1.
SC Code § 38-23-40 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 23 - Insider Trading In Securities Of Domestic Stock Insurers|Section 38-23-40. Beneficial owners, directors, and officers of domestic stock insurers shall file statements.

 Every beneficial owner, director, or officer of a domestic stock insurer shall file in the office of the department within ten days after he becomes a beneficial owner, director, or officer a statement, in a form the director or his designee may prescribe, of the amount of all equity securities of the insurer which he beneficially owns. Within ten days after the close of each calendar month thereafter, if there has been a change in his ownership during the month, he shall file in the office of the department a statement, in a form the director or his designee may prescribe, indicating his ownership at the close of the calendar month and the changes in his ownership which have occurred during the calendar month.  HISTORY: Former 1976 Code Section 38-23-40 [1947 (45) 322; 1952 Code Section 37-1004; 1962 Code Section 37-1004] recodified as Section 38-35-40 by 1987 Act No. 155, Section 1; Former 1976 Code Section 35-9-30 [1962 Code Section 62-472; 1966 (54) 2146] recodified as Section 38-23-40 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 594.
SC Code § 38-23-50 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 23 - Insider Trading In Securities Of Domestic Stock Insurers|Section 38-23-50. Profits realized from certain transactions by beneficial owners, directors, or officers inure to insurer; suit to recover these profits.

 For the purpose of preventing the unfair use of information which may have been obtained by a beneficial owner, director, or officer by reason of his relationship to the insurer, any profit realized by him from any purchase and sale, or any sale and purchase, of any equity security of the insurer within any period of less than six months, unless the security was acquired in good faith in connection with a debt previously contracted, inures to and is recoverable by the insurer, irrespective of any intention on the part of the beneficial owner, director, or officer in entering into the transaction of holding the security purchased or of not repurchasing the security sold for a period exceeding six months. Suit to recover this profit may be instituted at law or in equity in any court of competent jurisdiction by the insurer or by the owner of any security of the insurer in the name and in behalf of the insurer if the insurer fails or refuses to bring the suit within sixty days after request or fails diligently to prosecute it thereafter. This suit may not be brought more than two years after the date the profit was realized. This section may not be construed to cover any transaction where the beneficial owner was not a beneficial owner both at the time of the purchase and sale, or the sale and purchase, of the security involved, or any transaction or transactions which the department, by regulation, may exempt as not comprehended within the purpose of this section.  HISTORY: Former 1976 Code Section 38-23-50 [1947 (45) 322; 1952 Code Section 37-1005; 1962 Code Section 37-1005] recodified as Section 38-35-50 by 1987 Act No. 155, Section 1; Former 1976 Code Section 35-9-40 [1962 Code Section 62-473; 1966 (54) 2146] recodified as Section 38-23-50 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 595.
SC Code § 38-23-60 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 23 - Insider Trading In Securities Of Domestic Stock Insurers|Section 38-23-60. Certain sales of equity securities by beneficial owners, directors, or officers are unlawful.

 It is unlawful for a beneficial owner, director, or officer, directly or indirectly, to sell any equity security of the insurer if the person selling the security or his principal (a) does not own the security sold, or (b) if owning the security, does not deliver it against the sale within twenty days thereafter, or does not within five days after the sale deposit it in the mails or other usual channels of transportation. A person is not considered to have violated this section if he proves that, notwithstanding the exercise of good faith, he was unable to make the delivery or deposit within this time or that to do so would cause undue inconvenience or expense.  HISTORY: Former 1976 Code Section 38-23-60 [1947 (45) 322; 1952 Code Section 37-1006; 1962 Code Section 37-1006] recodified as Section 38-35-60 by 1987 Act No. 155, Section 1; Former 1976 Code Section 35-9-50 [1962 Code Section 62-474; 1966 (54) 2146] recodified as Section 38-23-60 by 1987 Act No. 155, Section 1.
SC Code § 38-23-70 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 23 - Insider Trading In Securities Of Domestic Stock Insurers|Section 38-23-70. Sales by dealers in ordinary course of business excepted.

 Section 38-23-50 does not apply to any purchase and sale, or sale and purchase, and Section 38-23-60 does not apply to any sale of an equity security of a domestic stock insurer, not then or theretofore held by him in an investment account, by a dealer in the ordinary course of his business and incident to the establishment or maintenance by him of a primary or secondary market, otherwise than on an exchange as defined in the Securities Exchange Act of 1934, for the security. The department may, by any regulation it considers necessary or appropriate in the public interest, define and prescribe terms and conditions with respect to securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market.  HISTORY: Former 1976 Code Section 35-9-60 [1962 Code Section 62-475; 1966 (54) 2146] recodified as Section 38-23-70 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 596.
SC Code § 38-23-80 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 23 - Insider Trading In Securities Of Domestic Stock Insurers|Section 38-23-80. Foreign or domestic arbitrage transactions excepted.

 Sections 38-23-40 to 38-23-60 do not apply to foreign or domestic arbitrage transactions unless made in contravention of regulations the department may adopt in order to carry out the purposes of this chapter.  HISTORY: Former 1976 Code Section 35-9-70 [1962 Code Section 62-476; 1966 (54) 2146] recodified as Section 38-23-80 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 597.
SC Code § 38-23-90 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 23 - Insider Trading In Securities Of Domestic Stock Insurers|Section 38-23-90. Transactions in registered securities and securities held by fewer than one hundred persons excepted.

 Sections 38-23-40 to 38-23-60 do not apply to equity securities of a domestic stock insurer if (a) the securities are registered or are required to be registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, or (b) the domestic stock insurer does not have any class of its equity securities held of record by one hundred or more persons on the last business day of the previous year in which equity securities of the insurer would be subject to Sections 38-23-40 to 38-23-60 except for this section.  HISTORY: Former 1976 Code Section 35-9-80 [1962 Code Section 62-478; 1966 (54) 2146] recodified as Section 38-23-90 by 1987 Act No. 155, Section 1.
SC Code § 38-23-100 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 23 - Insider Trading In Securities Of Domestic Stock Insurers|Section 38-23-100. Regulations of Director or designee.

 The director has the power to make and promulgate regulations necessary for the execution of the functions vested in him by Sections 38-23-20 through 38-23-90 including, but without limitation, regulations pertaining to and governing the solicitation of proxies, including financial reporting in connection therewith, with respect to the capital stock or other equity securities of any domestic stock insurer; he may, for these purposes, classify domestic insurers, securities, and other persons or matters within his jurisdiction. No provision of Sections 38-23-40 to 38-23-60 imposing any liability applies to any act done or omitted in good faith in conforming with any regulation of the department, notwithstanding that the regulation may, after the act or omission, be amended, rescinded, or determined by judicial or other authority to be invalid for any reason.  HISTORY: Former 1976 Code Section 35-9-90 [1962 Code Section 62-479; 1966 (54) 2146] recodified as Section 38-23-100 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 598.
SC Code § 38-25-10 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 25 - Unauthorized Transaction Of Insurance Business|Section 38-25-10. Declaration.

 (a) The General Assembly declares that it is concerned with the protection of residents of this State against acts by insurers not authorized to conduct an insurance business in this State, by the maintenance of fair and honest insurance markets, by protecting authorized insurers which are subject to regulation from unfair competition by unauthorized insurers, and by protecting against the evasion of the insurance regulatory laws of this State. In furtherance of this state interest, the General Assembly herein provides methods for substituted service of process upon such insurers in any proceeding, suit, or action in any court, including the Administrative Law Court as provided by law, and substituted service of any notice, order, pleading, or process upon such insurers in any proceeding by the director or his designee to enforce or effect full compliance with the insurance laws of this State. In so doing, the state exercises its powers to protect residents of this State and to define what constitutes transacting an insurance business in this State and also exercises powers and privileges available to this State by virtue of Public Law 79-15, 79th Congress of the United States, Chapter 20, 1st Session, S. 340, 59 Stat. 33; 15 U.S.C., Sections 1011 to 1015, inclusive, as amended, which declares that the business of insurance and every person engaged therein are subject to the laws of the several states.  (b) The remedies and proceedings provided in this chapter are in addition to, and not in substitution for, any other remedies or proceedings provided by law.  HISTORY: Former 1976 Code Section 38-25-10 [1962 Code Section 37-1132; 1974 (58) 2378] recodified as Section 38-33-10 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-53-20 [1975 (59) 127] recodified as Section 38-25-10 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 599.