Securities issued by a SPFC pursuant to an insurance securitization may not be considered to be insurance or reinsurance contracts. An investor in these securities or a holder of these securities, by sole means of this investment or holding, may not be considered to be transacting the business of insurance in this State. The underwriter's placement or selling agents and their partners, directors, officers, members, managers, employees, agents, representatives, and advisors involved in an insurance securitization pursuant to this article may not be considered to be insurance producers or brokers or conducting business as an insurance or reinsurance company or agency, brokerage, intermediary, advisory, or consulting business only by virtue of their activities in connection with them.
HISTORY: 2006 Act No. 332, Section 2, eff June 1, 2006.
Structure South Carolina Code of Laws
Chapter 90 - Captive Insurance Companies
Section 38-90-10. Definitions.
Section 38-90-20. Licensing; required information and documentation; fee; renewal.
Section 38-90-30. Adoption of name.
Section 38-90-35. Discovery of confidential information in civil actions.
Section 38-90-40. Capitalization requirements.
Section 38-90-60. Incorporation options and requirements.
Section 38-90-75. Discounting of loss and loss adjustment expense reserves.
Section 38-90-90. Suspension or revocation of license.
Section 38-90-100. Applicability of investment requirements.
Section 38-90-110. Reinsurance; effect on reserves.
Section 38-90-120. Requirement to join ratings organization.
Section 38-90-130. Participation in plan, pool, association, or guaranty or insolvency fund.
Section 38-90-140. Tax payment; rates; "common ownership and control" defined.
Section 38-90-150. Rules, regulations, and orders.
Section 38-90-165. Declaration of inactivity.
Section 38-90-175. Captive Insurance Regulatory and Supervision Fund created; disbursements.
Section 38-90-210. Formation of sponsored captive insurance company; establishing protected cells.
Section 38-90-215. Protected cells.
Section 38-90-220. Requirements applicable to sponsors.
Section 38-90-225. Participants in a sponsored captive insurance company.
Section 38-90-230. Protected cell assets; availability to creditors.
Section 38-90-235. Repealed by 2014 Act No. 282, Section 24, eff June 10, 2014.
Section 38-90-250. Certificate of authority.
Section 38-90-420. Definitions.
Section 38-90-430. Relation to other Title 38 provisions.
Section 38-90-450. Organization requirements; privileges and restrictions.
Section 38-90-460. Capitalization.
Section 38-90-470. Authorized contracts.
Section 38-90-480. Protected cells.
Section 38-90-485. Effect of creation of protected cell; naming; management of assets.
Section 38-90-490. Issuance of securities.
Section 38-90-500. Swap agreements and other forms of asset management agreements.
Section 38-90-510. Authority to enter into contracts; contents.
Section 38-90-520. Requirements and guidelines for asset management.
Section 38-90-530. Trust agreements for assets held in trust or pledged to secure obligations.
Section 38-90-540. Payment of dividends.
Section 38-90-560. Examinations by director; confidentiality of examination reports.
Section 38-90-580. Tax rates and payment schedules.
Section 38-90-600. Conservation, rehabilitation, or liquidation of SPFC.
Section 38-90-610. Disclosure of information by director.