(b) when the property or obligation is received in good faith to secure a present advance or antecedent debt in amount not disproportionately small as compared to the value of the property or obligation obtained. (7) home loan or means a federal home ‘Federal bank’ ‘FHLB’ loan bank established pursuant to the Federal Home Loan Bank Act, 12 U.S.C. Section 1421, et seq. (78) means any other jurisdiction not in any ‘Foreign country’ state. (89) means all property, real, personal, or ‘General assets’ otherwise, not specifically mortgaged, pledged, deposited, or otherwise encumbered for the security or benefit of specified persons or classes of persons. As to specifically encumbered property, all such property or its proceeds ‘general assets’ includes in excess of the amount necessary to discharge the sum or sums secured thereby. Assets held in trust and on deposit for the security or benefit of all policyholders or all policyholders and creditors, in more than a single state, are treated as general assets. (910) means the South Carolina Property ‘Guaranty association’ and Casualty Insurance Guaranty Association, the South Carolina Life and Accident and Health Insurance Guaranty Association, and any other similar entity created by the legislature of this State for the payment of claims of insolvent insurers. guaranty ‘Foreign means any similar entity created by the legislature of association’ any other state. (1011) or ‘Insolvency’ ‘insolvent’ means: (a) For an insurer issuing only assessable fire insurance policies: (i) the inability to pay any obligation within thirty days after it becomes payable,; or (ii) if an assessment is made within thirty days after that date, the inability to pay the obligation thirty days following the date specified in the first assessment notice issued after the date of loss. (b) For any other insurer, that it is unable to pay its obligations when they are due, or when its admitted assets do not exceed its liabilities plus the greater of: (i) any capital and surplus required by law for its organization, or (ii) the total par or stated value of its authorized and issued capital stock. (c) For purposes of this item (10), is ‘liabilities’ includes, but not limited to, reserves required by statute, regulations, or specific
(b) when the property or obligation is received in good faith to secure a present advance or antecedent debt in amount not disproportionately small as compared to the value of the property or obligation obtained. (7) ‘Federal home loan bank’ or ‘FHLB’ means a federal home loan bank established pursuant to the Federal Home Loan Bank Act, 12 U.S.C. Section 1421, et seq. (78) ‘Foreign country’ means any other jurisdiction not in any state. (89) ‘General assets’ means all property, real, personal, or otherwise, not specifically mortgaged, pledged, deposited, or otherwise encumbered for the security or benefit of specified persons or classes of persons. As to specifically encumbered property, ‘general assets’ includes all such property or its proceeds in excess of the amount necessary to discharge the sum or sums secured thereby. Assets held in trust and on deposit for the security or benefit of all policyholders or all policyholders and creditors, in more than a single state, are treated as general assets. (910) ‘Guaranty association’ means the South Carolina Property and Casualty Insurance Guaranty Association, the South Carolina Life and Accident and Health Insurance Guaranty Association, and any other similar entity created by the legislature of this State for the payment of claims of insolvent insurers. ‘Foreign guaranty association’ means any similar entity created by the legislature of any other state. (1011) ‘Insolvency’ or ‘insolvent’ means: (a) For an insurer issuing only assessable fire insurance policies: (i) the inability to pay any obligation within thirty days after it becomes payable,; or (ii) if an assessment is made within thirty days after that date, the inability to pay the obligation thirty days following the date specified in the first assessment notice issued after the date of loss. (b) For any other insurer, that it is unable to pay its obligations when they are due, or when its admitted assets do not exceed its liabilities plus the greater of: (i) any capital and surplus required by law for its organization, or (ii) the total par or stated value of its authorized and issued capital stock. (c) For purposes of this item (10), ‘liabilities’ includes, but is not limited to, reserves required by statute, regulations, or specific
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