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.
South Carolina Legal Code