§ 38-21-20

S.C. Code Ann. § 38-21-20

Authority of insurers to organize or acquire subsidiaries

Former 1976 Code SECTION 38-21-20 [1947 (45) 322; 1952 Code SECTION 37-852; 1962 Code SECTION 37-852] recodified as SECTION 38-37-20 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-29-20 [1962 Code SECTION 37-1401; 1971 (57) 351] recodified as SECTION 38-21-20 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 562.

A domestic insurer, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries engaged in the following kinds of business:

  1. (1) Any kind of insurance business authorized by the jurisdiction in which it is incorporated;
  2. (2) Acting as an insurance broker or as an insurance agent for its parent or for any of its parent's insurer subsidiaries;
  3. (3) Investing, reinvesting, or trading in securities for its own account, that of its parent, any subsidiary of its parent, or any affiliate or subsidiary;
  4. (4) Management of an investment company subject to or registered pursuant to the Investment Company Act of 1940, as amended, including related sales and services;
  5. (5) Acting as a broker-dealer subject to or registered pursuant to the Securities Exchange Act of 1934, as amended;
  6. (6) Rendering investment advice to governments, government agencies, corporations, or other organizations or groups;
  7. (7) Rendering other services related to the operations of an insurance business, including, but not limited to, actuarial, loss prevention, safety engineering, data processing, accounting, claims, appraisal, and collection services;
  8. (8) Ownership and management of assets which the parent corporation could itself own or manage;
  9. (9) Acting as administrative agent for a governmental instrumentality which is performing an insurance function;
  10. (10) Financing of insurance premiums, agents, and other forms of consumer financing;
  11. (11) Any other business activity determined by the director or his designee to be reasonably ancillary to an insurance business; or
  12. (12) Owning a corporation or corporations engaged or organized to engage exclusively in one or more of the businesses specified in this section.

HISTORY: Former 1976 Code SECTION 38-21-20 [1947 (45) 322; 1952 Code SECTION 37-852; 1962 Code SECTION 37-852] recodified as SECTION 38-37-20 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-29-20 [1962 Code SECTION 37-1401; 1971 (57) 351] recodified as SECTION 38-21-20 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 562.

Log InSign Up