Notwithstanding the provisions of Chapter 21 of this title, the SPRV, the SPRV organizer, or subsequent debt or equity investors in SPRV securities must not be deemed affiliates of the ceding insurer by virtue of the SPRV contract between the ceding insurer and the SPRV, the securities of the SPRV or related agreements necessary to implement the SPRV insurance securitization. The SPRV may not be controlled by, may not control, or may not be under common control with any ceding insurer that is a party to a SPRV contract.
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.