There is a newer version of the South Carolina Code of Laws
2012 South Carolina Code of Laws
Title 38 - Insurance
Chapter 90 - CAPTIVE INSURANCE COMPANIES
Section 38-90-235 - Terms and conditions for a protected cell insurance companies apply to sponsored captive insurance companies; exception.
SC Code § 38-90-235 (2012) What's This?
(A) Except as otherwise provided in this chapter, the terms and conditions provided in Chapter 10 relating to a protected cell insurance company apply in full to a sponsored captive insurance company.
(B) In the case of a sponsored captive insurance company:
(1) a protected cell need not be established solely for the purpose of effecting insurance securitizations, but may be established for the purpose of isolating the expenses and claims of a sponsored captive insurance company participant;
(2) the sponsored captive insurance company shall attribute all insurance obligations, assets, and liabilities relating to a participant's risks to the participant's protected cell; and
(3) Section 38-10-40(F) does not apply.
HISTORY: 2001 Act No. 58, Section 7, eff May 29, 2001.
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