SOUTH CAROLINA LIFE AND ACCIDENT AND HEALTH INSURANCE GUARAN..

The insurance commissioner, either elected or appointed by the governor, is charged with monitoring and regulating insurance activities within a state. The insurance commissioner also has the responsibility to determine when an insurance company domiciled in his state should be declared insolvent and to seek authority from the state court to seize its assets and operate the company pending final resolution... When the insurance commissioner obtains control of a company, he is, by law, the rehabilitator or liquidator of the company, and may retain someone to serve as special deputy receiver to supervise the company's activities. The special deputy receiver may be either an independent professional experienced in legal, accounting and actuarial issues, or an employee of the state insurance department.

Also known as: South Carolina Life, South Carolina Life and Accident and Health Insurance Guaranty Association

Primary location: Columbia United States