South Carolina § 38-27-70 - Injunctions and orders.

§ 38-27-70. Injunctions and orders.

(A)(1) A receiver appointed in a proceeding under this chapter may at any time apply for, and a court of general jurisdiction may grant, restraining orders, preliminary and permanent injunctions, and other orders considered necessary and proper to prevent:

(a) the transaction of further business;

(b) the transfer of property;

(c) interference with the receiver or with a proceeding under this chapter;

(d) waste of the insurer's assets;

(e) dissipation and transfer of bank accounts;

(f) the institution or further prosecution of any actions or proceedings;

(g) the obtaining of preferences, judgments, attachments, garnishments, or liens against the insurer, its assets, or its policyholders;

(h) the levying of execution against the insurer, its assets, or its policyholders;

(i) the making of any sale or deed for nonpayment of taxes or assessments that would lessen the value of the assets of the insurer;

(j) the withholding from the receiver of books, accounts, documents, or other records relating to the business of the insurer; or

(k) any other threatened or contemplated action that might lessen the value of the insurer's assets or prejudice the rights of policyholders, creditors, or shareholders, or the administration of any proceeding under this chapter.

(2) The receiver may apply to any court outside of the State for the relief described in this subsection.

(B) After the seventh day following the commencement of a delinquency proceeding involving an insurer-member domiciled in this State, the insurer-member's FHLB must not be stayed or prohibited from exercising its rights regarding collateral pledged by that insurer-member. The provisions of this subsection apply notwithstanding another provision of this chapter.

HISTORY: Former 1976 Code SECTION 38-27-70 [1962 Code SECTION 37-1307; 1967 (55) 273] recodified as SECTION 38-39-60 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-5-1850 [En, 1982 Act No. 384, SECTION 5] recodified as SECTION 38-27-70 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 609; 2016 Act No. 190 (S.693), SECTION 3, eff May 26, 2016.

Effect of Amendment

2016 Act No. 190, SECTION 3, redesignated former (a) as (A)(1); redesignated former (a)(1) through (a)(11) as (a) through (k); redesignated former (b) as (a)(2); added (B); and made other nonsubstantive changes.