South Carolina Code 38-27-440. Collection and list of assets
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(a) As soon as practicable after the liquidation order but not later than one hundred twenty days thereafter, the liquidator shall prepare in duplicate a list of the insurer‘s assets. The list must be amended or supplemented from time to time as the liquidator may determine. One copy must be filed in the office of the clerk of the circuit court and one copy must be retained for the liquidator’s files. All amendments and supplements must be similarly filed.
(b) The liquidator shall reduce the assets to a degree of liquidity that is consistent with the effective execution of the liquidation.
Terms Used In South Carolina Code 38-27-440
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Insurer: includes a corporation, fraternal organization, burial association, other association, partnership, society, order, individual, or aggregation of individuals engaging or proposing or attempting to engage as principals in any kind of insurance or surety business, including the exchanging of reciprocal or interinsurance contracts between individuals, partnerships, and corporations. See South Carolina Code 38-1-20
(c) A submission to the court for disbursement of assets in accordance with § 38-27-530 fulfills the requirements of subsection (a) of this Section.