South Carolina Statutes
§ 38-90-410 — Purpose.
This article provides for the creation of Special Purpose Financial Captives (SPFCs) exclusively to facilitate the securitization of one or more risks, as a means of accessing alternative sources of capital and achieving the benefits of securitization. SPFCs are created for the limited purpose of entering into a SPFC contract and insurance securitization transactions and into related agreements to facilitate the accomplishment and execution of those transactions. The creation of SPFCs is intended to achieve greater efficiencies in structuring and executing insurance securitizations, to diversify and broaden insurers' access to sources of capital, to facilitate access for many insurers to insurance securitization and capital markets financing technology, and to further the economic developm
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South Carolina § 38-90-410 (Purpose.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2004 Act No. 291, SECTION 28, eff July 29, 2004.
Nearby Sections
15
§ 38-90-10
Definitions.§ 38-90-100
Applicability of investment requirements.§ 38-90-105
Loans.§ 38-90-110
Reinsurance; effect on reserves.§ 38-90-120
Requirement to join ratings organization.§ 38-90-145
Reserved.§ 38-90-150
Rules, regulations, and orders.§ 38-90-165
Declaration of inactivity.§ 38-90-190
Reserved.