South Carolina § 38-17-30 - Verified declaration to be filed with Director.

§ 38-17-30. Verified declaration to be filed with Director.

The subscribers shall, through their attorney, file with the department a declaration verified by the oath of the attorney setting forth:

(1) The name of the office at which the subscribers propose to exchange the indemnity contracts. This name may not be so similar to any name previously adopted by a similar organization or by any insurance corporation or association that in the opinion of the director or his designee is calculated to result in confusion or deception.

(2) The kind of insurance to be effected or exchanged.

(3) A copy of the form of policy contract or agreement under or by which the insurance is to be effected or exchanged.

(4) A copy of the form of power of attorney or other authority of the attorney under which the insurance is to be effected or exchanged.

(5) The location of the office or offices from which the contracts or agreements are to be issued.

(6) That applications have been made for indemnity upon at least one hundred separate risks aggregating not less than one and one-half million dollars represented by executed contracts or bona fide applications to become concurrently effective. In the case of automobile insurance, applications must have been made for indemnity upon at least one thousand motor vehicles or for insurance aggregating not less than one and one-half million dollars represented by executed contracts or bona fide applications to become concurrently effective on any or all classes of automobile insurance effected by the subscribers through the attorney.

(7) That there are assets conforming to the requirements of Section 38-17-100 in the possession of the attorney and available for the payment of losses.

HISTORY: Former 1976 Code SECTION 38-17-30 [1962 Code SECTION 37-562; 1972 (57) 2776] recodified as SECTION 38-29-30 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-45-30 [1947 (45) 322; 1952 Code SECTION 37-803; 1962 Code SECTION 37-803] recodified as SECTION 38-17-30 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 542.