An insurer that fails to meet the minimum capital and surplus requirements of this chapter, but which continues to remain licensed by virtue of Section 38-9-30, shall confine its business to the kinds of insurance for which it was licensed on July 1, 1988. If the insurer desires to write additional kinds of insurance, it shall comply with the capital and surplus requirements of Section 38-9-10 or 38-9-20 as applicable.
S.C. Code Ann. § 38-9-50
Restrictions on kinds of insurance that insurers may write
Former 1976 Code SECTION 38-9-50 [1956 (49) 1814; 1962 Code SECTION 37-144.1] recodified as SECTION 38-63-20, SECTION 38-65-20, SECTION 38-69-20, SECTION 38-71-220 by 1987 Act N…
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.