(A) The SPRV or the activities, assets, and obligations relating to the SPRV are not subject to the provisions of Chapters 29 and 31, and a SPRV must not be assessed by or otherwise be required to contribute to any guaranty fund or guaranty association in this State with respect to the activities, assets, or obligations of a SPRV or the ceding insurer.
(B) The SPRV must not be required to participate in residual market, FAIR plan, or other similar plans to provide insurance coverage, take out policies, assume risks, make capital contributions, pay, or be otherwise obligated for assessments, surcharges or fees, or otherwise support or participate in such plans or arrangements.
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.