South Carolina Statutes
§ 38-14-170 — Trust asset requirements; swap agreements.
(A)Assets of the SPRV held in trust to secure obligations under the SPRV contract must at all times be held in:
(1)cash and cash equivalents;
(2)securities listed by the Securities Valuation Office of the NAIC and qualifying as admitted assets under statutory accounting convention in its state of domicile; or (3) any other form of security acceptable to the director, or his designee.
(B)In addition, the SPRV may enter into swap agreements or other transactions that have the objective of leveling timing differences in funding of up-front or ongoing transaction expenses or managing credit or interest rate risk of the investments in the trust to ensure that the investments are sufficient to assure payment or repayment of the securities (and related interest or principal payments) issued p
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South Carolina § 38-14-170 (Trust asset requirements; swap agreements.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2002 Act No. 259, SECTION 1, eff May 20, 2002.
Nearby Sections
15
§ 38-14-10
Purpose of chapter.§ 38-14-100
Declaration and payment of dividends.§ 38-14-110
Records and filing requirements.§ 38-14-120
Election and removal of officers; loans.§ 38-14-140
Dissolution procedure.§ 38-14-150
Rehabilitation and liquidation.§ 38-14-170
Trust asset requirements; swap agreements.§ 38-14-180
Reinsurance credit.§ 38-14-20
Other sections applicable.§ 38-14-200
Promulgation of regulations.§ 38-14-30
Definitions.