South Carolina Statutes
§ 38-90-515 — Securities issued by SPFC as insurance contract; underwriters or selling agents as insurance producers.
Securities issued by a SPFC pursuant to an insurance securitization may not be considered to be insurance or reinsurance contracts. An investor in these securities or a holder of these securities, by sole means of this investment or holding, may not be considered to be transacting the business of insurance in this State. The underwriter's placement or selling agents and their partners, directors, officers, members, managers, employees, agents, representatives, and advisors involved in an insurance securitization pursuant to this article may not be considered to be insurance producers or brokers or conducting business as an insurance or reinsurance company or agency, brokerage, intermediary, advisory, or consulting business only by virtue of their activities in connection with them.
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South Carolina § 38-90-515 (Securities issued by SPFC as insurance contract; underwriters or selling agents as insurance producers.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2006 Act No. 332, SECTION 2, eff June 1, 2006.
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.