Until payments of or on account of an insurer's contractual obligations by a guaranty association, including expenses and interest, are repaid to the guaranty association or a plan of repayment by the insurer is approved by the guaranty association, no insurer that is subject to a delinquency proceeding, whether formal or informal, administrative or judicial, may: (1) be released from the proceeding unless it is converted into a judicial rehabilitation or liquidation proceeding; (2) be permitted to solicit or accept new business or request or accept the restoration of a suspended or revoked license or certificate of authority; (3) be returned to the control of its shareholders or private management; or (4) have its assets returned to the control of its shareholders or private management. HISTORY: 1991 Act No. 13, Section 4; 1993 Act No. 181, Section 609.
South Carolina Legal Code