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.
South Carolina Legal Code