2012 South Carolina Code of Laws
Title 38 - Insurance
Chapter 90 - CAPTIVE INSURANCE COMPANIES
Section 38-90-180 - Applicability of provisions relating to insurance reorganizations, receiverships, and injunctions; sponsored captive insurance company assets and capital provisions.

(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.

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.