There is a newer version of the South Carolina Code of Laws
2012 South Carolina Code of Laws
Title 38 - Insurance
Chapter 14 - SPECIAL PURPOSE REINSURANCE VEHICLE MODEL ACT
Section 38-14-50 - Purpose of SPRVs.
SC Code § 38-14-50 (2012) What's This?
SPRVs authorized under this chapter are created for the limited purpose of entering into insurance securitization transactions with investors and into related agreements to pay one or more ceding insurers agreed upon amounts under a SPRV contract upon the occurrence of triggering events related to the insurance business of the ceding insurer. A SPRV may not issue a contract for assumption of risk or indemnification of loss other than a SPRV contract as defined in this section.
HISTORY: 2002 Act No. 259, Section 1, eff May 20, 2002.
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