South Carolina Statutes
§ 38-14-190 — Purchase of SPRV securities as transacting insurance business.
The securities issued by the SPRV pursuant to a SPRV insurance securitization must not be deemed to be insurance or reinsurance contracts. An investor in such securities issued pursuant to a SPRV insurance securitization or any holder of such securities must not, by sole means of this investment or holding, be deemed to be transacting an insurance business in this State. The underwriters or selling agents and their partners, directors, officers, members, managers, employees, agents, representatives, and advisors involved in a SPRV insurance securitization must not be deemed to be conducting an insurance or reinsurance agency, brokerage, intermediary, advisory, or consulting business by virtue of their activities in connection therewith.
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South Carolina § 38-14-190 (Purchase of SPRV securities as transacting insurance business.) — 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.