# S.C. Code Ann. § 38-21-60: SECTION 38-21-60. Statement required by person seeking to acquire control of insurer; notice to director

> South Carolina · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C21_S38-21-60

## Section

- **Citation:** S.C. Code Ann. § 38-21-60
- **Heading:** SECTION 38-21-60. Statement required by person seeking to acquire control of insurer; notice to director
- **Jurisdiction:** South Carolina
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** SC Code / Title 38 / Chapter 21 / Section 38-21-60

## Text

(A) No person, other than the issuer, may make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire or acquire, in the open market or otherwise, any voting security of a domestic insurer if, after the consummation of the agreement, the person would directly, indirectly, by conversion, or by exercise of any right to acquire, be in control of the insurer. No person may enter into an agreement to merge with or otherwise to acquire control of a domestic insurer unless, at the time the offer, request, or invitation is made or the agreement is entered into, or before the acquisition of the securities if no offer or agreement is involved, the person has filed with the department a statement containing the information required by this section and the offer, request, invitation, agreement, or acquisition has been approved by the director or his designee in the manner prescribed in this chapter. (B) For purposes of this section, a controlling person of a domestic insurer seeking to divest its controlling interest in the domestic insurer in any manner shall file confidential notice of its proposed divestiture with the director or his designee, with a copy to the insurer, at least thirty days before the cessation of control. The director or his designee shall determine those instances in which a party seeking to divest a controlling interest in an insurer shall file for and obtain approval of the transaction by the department. The information must remain confidential until the conclusion of the transaction, unless the director or his designee determines that confidential treatment will interfere with enforcement of this section. If the statement referred to in subsection (A) otherwise is filed, the provisions of this subsection do not apply. (C) With respect to a transaction subject to this section, the acquiring person also must file a preacquisition notification with the director or his designee. This notification must include the information set forth in Section 38-21-125(C)(2). A person who fails to file this notification may be subject to penalties specified in Section 38-21-125(E)(3). (D) For purposes of this section, a domestic insurer includes any other person controlling a domestic insurer unless the other person as determined by the director or his designee is either directly or through its affiliates primarily engaged in business other than the business of insurance. As used in this section, "person" does not include any securities broker holding, in the usual and customary brokers' function, less than twenty percent of the voting securities of an insurance company or of any person which controls an insurance company. Effect of Amendment 2015 Act No. 2, SECTION 4, inserted subsection designators (A) and (D) to the former two undesignated paragraphs, added (B) and (C), and made nonsubstantive changes in (A).

## Nearby sections

- [S.C. Code Ann. § 38-21-10 SECTION 38-21-10. Definitions.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C21_S38-21-10.md)
- [S.C. Code Ann. § 38-21-20 SECTION 38-21-20. Authority of insurers to organize or acquire subsidiaries.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C21_S38-21-20.md)
- [S.C. Code Ann. § 38-21-30 SECTION 38-21-30. Authority of insurers to invest in securities of subsidiaries.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C21_S38-21-30.md)
- [S.C. Code Ann. § 38-21-40 SECTION 38-21-40. Investments in securities of subsidiaries are not subject to other restrictions.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C21_S38-21-40.md)
- [S.C. Code Ann. § 38-21-50 SECTION 38-21-50. Determining compliance with provision authorizing investments in securities of subsidiaries; disposition of investments upon ceasing to control subsidiary.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C21_S38-21-50.md)
- [S.C. Code Ann. § 38-21-60 SECTION 38-21-60. Statement required by person seeking to acquire control of insurer; notice to director.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C21_S38-21-60.md)
- [S.C. Code Ann. § 38-21-70 SECTION 38-21-70. Contents of statement; amendment.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C21_S38-21-70.md)
- [S.C. Code Ann. § 38-21-80 SECTION 38-21-80. Use of certain documents required by other laws in furnishing information called for in statement.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C21_S38-21-80.md)
- [S.C. Code Ann. § 38-21-90 SECTION 38-21-90. Approval of Commissioner of acquisition of control; hearing.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C21_S38-21-90.md)
- [S.C. Code Ann. § 38-21-95 SECTION 38-21-95. Approval for acquisition of domestic insurer by controlling producer; conditions and requirements.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C21_S38-21-95.md)
- [S.C. Code Ann. § 38-21-100 SECTION 38-21-100. Certain transactions exempt from Sections 38-21-60 to 38-21-120.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C21_S38-21-100.md)
- [S.C. Code Ann. § 38-21-110 SECTION 38-21-110. Violations of Sections 38-21-60 to 38-21-120.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C21_S38-21-110.md)
- [S.C. Code Ann. § 38-21-120 SECTION 38-21-120. Jurisdiction of courts; service of process.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C21_S38-21-120.md)
- [S.C. Code Ann. § 38-21-125 SECTION 38-21-125. Acquisitions of insurers not covered by the Insurance Holding Company Regulatory Act.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C21_S38-21-125.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C21_S38-21-60. Check the current official text before relying on it. Not legal advice.