South Carolina § 38-90-450 - Organization requirements; privileges and restrictions.
Full text of South Carolina South Carolina Code of Laws § 38-90-450 — Organization requirements; privileges and restrictions., with citation guidance and answers to common questions.
§ 38-90-450. Organization requirements; privileges and restrictions.
(A) A SPFC may be established as a stock corporation, limited liability company, mutual, partnership, or other form of organization approved by the director.
(B) The SPFC's organizational documents must limit the SPFC's authority to transact the business of insurance or reinsurance to those activities the SPFC conducts to accomplish its purpose as expressed in this article.
(C) The SPFC may not adopt a name that is the same as, deceptively similar to, or likely to be confused with or mistaken for another existing business name registered in this State.
(D) The organizational documents and the required organization fees must be transmitted to the Secretary of State, who shall record the relevant organizational documents.
(E) At least one of the members of the management of the SPFC must be a resident of this State.
(F) A SPFC formed pursuant to the provisions of this article has the privileges of and is subject to the provisions of the 1976 Code, applicable to its formation, as well as the applicable provisions contained in this article. If a conflict occurs between a provision of the applicable law and a provision of this article, the latter controls. Nothing contained in this provision with respect to a SPFC shall abrogate, limit, or rescind in any way the authority of the Securities Commissioner pursuant to the provisions of Title 35.
HISTORY: 2004 Act No. 291, SECTION 28, eff July 29, 2004; 2006 Act No. 332, SECTION 23, eff June 1, 2006; 2009 Act No. 28, SECTION 13, eff June 2, 2009; 2014 Act No. 282 (S.909), SECTION 23, eff June 10, 2014.
Effect of Amendment
2014 Act No. 282, SECTION 23, deleted former subsections (D) and (E), relating to SPFC incorporators and a certification to be sent to the Secretary of State; redesignated the subsections accordingly; and in subsection (D), substituted "documents" for "documents, the certificate issued pursuant to subsection (E),".
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 38-90-450
What does South Carolina Code of Laws § 38-90-450 cover?
Section 38-90-450 ("Organization requirements; privileges and restrictions.") 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 § 38-90-450?
A common citation format is "South Carolina Code of Laws § 38-90-450" (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 § 38-90-450 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.