Terms Used In South Carolina Code > Title 33 > Chapter 15 > Article 2 - Withdrawal

• Affiliate: means a person who directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with an insolvent insurer on December thirty-first of the year next preceding the date the insurer becomes an insolvent insurer. See South Carolina Code 38-31-20
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association: means the South Carolina Property and Casualty Insurance Guaranty Association created under § 38-31-40. See South Carolina Code 38-31-20
• Association similar to the association: means any guaranty association, security fund, or other insolvency mechanism which affords protection similar to that of the association. See South Carolina Code 38-31-20
• Claimant: means any insured making a first party claim or any person instituting a liability claim. See South Carolina Code 38-31-20
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Insolvent insurer: means an insurer (a) licensed to transact insurance in this State either at the time the policy was issued or when the insured event occurred and (b) determined to be insolvent by a court of competent jurisdiction in the insurer's state of domicile or of this State and which the director or his designee has found fails to meet its obligation to policyholders in this State. See South Carolina Code 38-31-20
• Insured: means any named insured, any additional insured, any vendor, lessor, or any other party identified as an insured under the policy. See South Carolina Code 38-31-20
• 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
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Person: means an individual, corporation, partnership, association, voluntary organization, or governmental entity. See South Carolina Code 38-31-20
• Policy: means a contract of insurance. See South Carolina Code 38-1-20
• Service of process: The service of writs or summonses to the appropriate party.