The director, or his designee, may charge fees to reimburse the director, or his designee, for expenses and costs incurred by the Department of Insurance incident to the examination of financial statements, review of the plan of operation, and to reimburse other such activities of the director, or his designee, related to the formation and ongoing operation of the SPRV. The SPRV must not be subject to state premium or other state taxes incidental to the operation of its business as long as the business remains within the limitations of this chapter.
HISTORY: 2002 Act No. 259, Section 1, eff May 20, 2002.
Structure South Carolina Code of Laws
Chapter 14 - Special Purpose Reinsurance Vehicle Model Act
Section 38-14-10. Purpose of chapter.
Section 38-14-20. Other sections applicable.
Section 38-14-30. Definitions.
Section 38-14-50. Purpose of SPRVs.
Section 38-14-70. Powers; bylaws.
Section 38-14-80. Relationship to ceding insurer.
Section 38-14-90. Capital requirements.
Section 38-14-100. Declaration and payment of dividends.
Section 38-14-110. Records and filing requirements.
Section 38-14-120. Election and removal of officers; loans.
Section 38-14-130. Reimbursement of formation and operation expenses and costs.
Section 38-14-140. Dissolution procedure.
Section 38-14-150. Rehabilitation and liquidation.
Section 38-14-160. Exemption from guaranty fund contributions or guaranty associations.
Section 38-14-170. Trust asset requirements; swap agreements.
Section 38-14-180. Reinsurance credit.
Section 38-14-190. Purchase of SPRV securities as transacting insurance business.