South Carolina Insurance Commission v. South Carolina Life & Health Insurance Guaranty Ass'n

Lewis, Chief Justice.

We assumed original jurisdiction of this case upon the petition of the South Carolina Insurance Commission (petitioner) in order to determine the obligation of the South Carolina Life and Health Guaranty Association (respondent), under the guaranty provisions of Code Section 37-561 et seq., to the policyholders of New South Life Insurance Company (New South). This litigation arises out of the insolvency of New South. Since the financial difficulties of New South began prior to the effective date of the guaranty statute in question, the real issue is whether the…