South Carolina § 38-14-180 Reinsurance credit.

South Carolina Statutes

§ 38-14-180 — Reinsurance credit.

South Carolina § 38-14-180

Title 38INSURANCE

Ch. 14SPECIAL PURPOSE REINSURANCE VEHICLE MODEL ACT

This text of South Carolina § 38-14-180 (Reinsurance credit.) 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. § 38-14-180 (2026).

Text

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

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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 forms allowed in Section 38-14-170.