South Carolina § 38-55-150 - Accepting premiums or assessments in insolvent insurer.
Full text of South Carolina South Carolina Code of Laws § 38-55-150 — Accepting premiums or assessments in insolvent insurer., with citation guidance and answers to common questions.
§ 38-55-150. Accepting premiums or assessments in insolvent insurer.
It is unlawful for a director or officer of an insurer to wilfully receive a premium or assessment on behalf of the insurer, knowing at the time of receipt of the premium or assessment that the insurer is insolvent according to the laws of its home state, and to fail to notify the person paying the premium or assessment of this fact.
A person who violates the provisions of this section is guilty of a misdemeanor and, upon conviction, must be fined in the discretion of the court or imprisoned not more than three years.
HISTORY: Former 1976 Code SECTION 38-55-150 [1947 (45) 322; 1952 Code SECTION 37-1202; 1962 Code SECTION 37-1215; 1964 (53) 2293; 1968 (55) 2500] recodified as SECTION 38-57-150 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-9-270 [1947 (45) 322; 1952 Code SECTION 37-163; 1962 Code SECTION 37-163] recodified as SECTION 38-55-150 by 1987 Act No. 155, SECTION 1; 1993 Act No. 184, SECTION 218.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 38-55-150
What does South Carolina Code of Laws § 38-55-150 cover?
Section 38-55-150 ("Accepting premiums or assessments in insolvent insurer.") 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 § 38-55-150?
A common citation format is "South Carolina Code of Laws § 38-55-150" (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 § 38-55-150 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.