South Carolina § 38-14-170 Trust asset requirements; swap agreements.

South Carolina Statutes

§ 38-14-170 — Trust asset requirements; swap agreements.

South Carolina § 38-14-170

Title 38INSURANCE

Ch. 14SPECIAL PURPOSE REINSURANCE VEHICLE MODEL ACT

This text of South Carolina § 38-14-170 (Trust asset requirements; swap agreements.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 38-14-170 (2026).

Text

(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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(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 pursuant to a SPRV insurance securitization transaction or the SPRV's obligations under the SPRV contract.