§ 38-90-180 — Applicability of provisions relating to insurance reorganizations, receiverships, and injunctions; sponsored captive insurance company assets and capital provisions.

South Carolina § 38-90-180

• Jurisdiction: South Carolina
• Title 38: INSURANCE
• Ch. 90: CAPTIVE INSURANCE COMPANIES

Text

(A) Except as otherwise provided in this section, the terms and conditions set forth in Chapters 26 and 27 of this title pertaining to insurance reorganizations, receiverships, and injunctions apply in full to captive insurance companies formed or licensed under this chapter. (B) In the case of a sponsored captive insurance company: (1) the assets of the protected cell may not be used to pay expenses or claims other than those attributable to the protected cell; and (2) its capital and surplus at all times must be available to pay expenses of or claims against the sponsored captive insurance company and may not be used to pay expenses or claims attributable to a protected cell. (3) Notwithstanding another provision of law or regulation, upon an order of conservation, rehabilitation, or liquidation of a sponsored captive insurance company, the receiver shall deal with the sponsored captive insurance company's assets and liabilities, including protected cell assets and protected cell liabilities, pursuant to the requirements of this chapter.

Legislative History

HISTORY: 2000 Act No. 331, SECTION 1; 2001 Act No. 58, SECTION 12, eff May 29, 2001; 2001 Act No. 82, SECTION 33, eff July 20, 2001; 2004 Act No. 291, SECTION 26, eff July 29, 2004; 2009 Act No. 28, SECTION 11, eff June 2, 2009; 2014 Act No. 282 (S.909), SECTION 18, eff June 10, 2014; 2018 Act No. 251 (H.4675), SECTION 1, eff May 18, 2018. Effect of Amendment 2014 Act No. 282, SECTION 18, added subsection (B)(3). 2018 Act No. 251, SECTION 1, reenacted the section with no apparent changes.