Home/South Carolina/Statutes/Title 38: INSURANCE/Ch. 10: PROTECTED CELL INSURANCE COMPANIES/§ 38-10-10
South Carolina Statutes

§ 38-10-10 — Purpose.

South Carolina·Title 38 INSURANCE·Ch. 10 PROTECTED CELL INSURANCE COMPANIES
This chapter is adopted to provide a basis for the creation of protected cells by a domestic insurer or captive insurer as defined in Chapter 90 as one means of accessing alternative sources of capital and achieving the benefits of insurance securitization. Investors in fully funded insurance securitization transactions provide funds that are available to pay the insurer's insurance obligations or to repay the investors, or both. The creation of protected cells is intended to be a means to achieve more efficiencies in conducting insurance securitizations.

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South Carolina § 38-10-10 (Purpose.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: 2000 Act No. 238, SECTION 2; 2001 Act No. 58, SECTION 15, eff May 29, 2001.

Nearby Sections

8
§ 38-10-10
Purpose.
§ 38-10-20
Definitions.
§ 38-10-30
Establishment of protected cells; attributions, management and administration of assets.
§ 38-10-40
Protected cell assets; liabilities chargeable; crediting income gain and loss; valuation; securitization; documentation and identification of protected cell; closure of protected cell account.
§ 38-10-50
Availability of protected assets; extent of obligations of protected cell companies contributions to guaranty fund or association; fraudulent conveyance.
§ 38-10-60
Conservation, rehabilitation, or liquidation; amount recoverable by receiver.
§ 38-10-70
Protected cell insurance securitization as insurance contract; investor, underwriters and officers as conducting insurance business.
§ 38-10-80
Promulgation of regulations.
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