A SPRV must have minimum initial capital of not less than five thousand dollars. All of the initial capital must be received by the SPRV in cash. The minimum initial capital required and all other funds of the SPRV in excess of its minimum initial capital, including funds held in trust to secure the obligations of the SPRV pursuant to its obligations under the SPRV contracts, must be invested as provided in Section 38-14-170.
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.