# S.C. Code Ann. § 38-90-90: SECTION 38-90-90. Suspension or revocation of license

> South Carolina · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C90_A1_S38-90-90

## Section

- **Citation:** S.C. Code Ann. § 38-90-90
- **Heading:** SECTION 38-90-90. Suspension or revocation of license
- **Jurisdiction:** South Carolina
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** SC Code / Title 38 / Chapter 90 / Article 1 / Section 38-90-90

## Text

(A) The license of a captive insurance company to conduct an insurance business in this State may be suspended or revoked by the director for: (1) insolvency or impairment of capital or surplus; (2) failure to meet the requirements of Section 38-90-40; (3) refusal or failure to submit an annual report, as required by Section 38-90-70, or any other report or statement required by law or by lawful order of the director; (4) failure to comply with its own charter, bylaws, or other organizational document; (5) failure to submit to examination or any legal obligation relative to an examination, as required by Section 38-90-80; (6) refusal or failure to pay the cost of examination as required by Section 38-90-80; (7) use of methods that, although not otherwise specifically prohibited by law, nevertheless render its operation detrimental or its condition unsound with respect to the public or to its policyholders; or (8) failure otherwise to comply with laws of this State. (B) If the director finds, upon examination, hearing, or other evidence, that a captive insurance company has committed any of the acts specified in subsection (A) of this section, the director may suspend or revoke such license if the director considers it in the best interest of the public and the policy holders of the captive insurance company, notwithstanding any other provision of this title. (C) In lieu of suspending or revoking the license of a captive insurance company, the director may impose fines as provided for in Section 38-2-10. Effect of Amendment 2014 Act No. 282, SECTION 13, in subsection (C), substituted "In lieu of" for "Instead of". 2018 Act No. 251, SECTION 1, in (A)(2), deleted "or 38-90-50" following "Section 38-90-40".

## Nearby sections

- [S.C. Code Ann. § 38-90-10 SECTION 38-90-10. Definitions.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C90_A1_S38-90-10.md)
- [S.C. Code Ann. § 38-90-20 SECTION 38-90-20. Licensing; required information and documentation; fee; renewal.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C90_A1_S38-90-20.md)
- [S.C. Code Ann. § 38-90-30 SECTION 38-90-30. Adoption of name.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C90_A1_S38-90-30.md)
- [S.C. Code Ann. § 38-90-35 SECTION 38-90-35. Discovery of confidential information in civil actions.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C90_A1_S38-90-35.md)
- [S.C. Code Ann. § 38-90-40 SECTION 38-90-40. Capitalization requirements.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C90_A1_S38-90-40.md)
- [S.C. Code Ann. § 38-90-60 SECTION 38-90-60. Incorporation options and requirements.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C90_A1_S38-90-60.md)
- [S.C. Code Ann. § 38-90-70 SECTION 38-90-70. Reports.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C90_A1_S38-90-70.md)
- [S.C. Code Ann. § 38-90-75 SECTION 38-90-75. Discounting of loss and loss adjustment expense reserves.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C90_A1_S38-90-75.md)
- [S.C. Code Ann. § 38-90-80 SECTION 38-90-80. Inspections and examinations; confidentiality of reports; limitations applicable to branch captive insurance companies; application of general provisions.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C90_A1_S38-90-80.md)
- [S.C. Code Ann. § 38-90-90 SECTION 38-90-90. Suspension or revocation of license.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C90_A1_S38-90-90.md)
- [S.C. Code Ann. § 38-90-100 SECTION 38-90-100. Applicability of investment requirements.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C90_A1_S38-90-100.md)
- [S.C. Code Ann. § 38-90-105 SECTION 38-90-105. Loans.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C90_A1_S38-90-105.md)
- [S.C. Code Ann. § 38-90-110 SECTION 38-90-110. Reinsurance; effect on reserves.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C90_A1_S38-90-110.md)
- [S.C. Code Ann. § 38-90-120 SECTION 38-90-120. Requirement to join ratings organization.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C90_A1_S38-90-120.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_SC_T38_C90_A1_S38-90-90. Check the current official text before relying on it. Not legal advice.