South Carolina Statutes
§ 38-14-180 — Reinsurance credit.
A SPRV contract meeting the requirements under this chapter must be granted credit for reinsurance treatment or must otherwise qualify as an asset or a reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer under Section 38-9-210 for the benefit of the ceding insurer, provided and only to the extent that:
(A)the fair value of the assets held in trust for the benefit of the ceding insurer equal or exceed the obligations due and payable to the ceding insurer by the SPRV under the SPRV contract;
(B)the assets are held in trust in accordance with the requirements set forth in this chapter;
(C)the assets are administered in the manner and pursuant to arrangements as set forth in this chapter; and (D) the assets are held or invested in one or more of the f
Free access — add to your briefcase to read the full text and ask questions with AI
South Carolina § 38-14-180 (Reinsurance credit.) — 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.