South Carolina § 38-27-360 - Grounds for liquidation.
Full text of South Carolina South Carolina Code of Laws § 38-27-360 — Grounds for liquidation., with citation guidance and answers to common questions.
§ 38-27-360. Grounds for liquidation.
The director or his designee may petition the circuit court as provided by law for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this State on the basis:
(1) of any ground for an order of rehabilitation as specified in Section 38-27-310, whether or not there has been a prior order directing the rehabilitation of the insurer;
(2) that the insurer is insolvent; or
(3) that the insurer is in such a condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors, or the public.
HISTORY: Former 1976 Code SECTION 38-5-2060 [1982 Act No. 384, SECTION 17] recodified as SECTION 38-27-360 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 615.
Frequently Asked Questions About South Carolina § 38-27-360
What does South Carolina Code of Laws § 38-27-360 cover?
Section 38-27-360 ("Grounds for liquidation.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 38-27-360?
A common citation format is "South Carolina Code of Laws § 38-27-360" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 38-27-360 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.