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66 chapters · 1,628 sections in this title.
S.C. Code Ann. § 38-10-10 Purpose
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This chapter is adopted to provide a basis for the creation of protected cells by a domestic insurer or captive insurer as defined in Chapter 90 as one means of accessing alternative sources of capital and achieving the benefits of insurance securitization. Investors in fully fun…
S.C. Code Ann. § 38-10-20 Definitions
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For the purposes of this chapter: (1) "Domestic insurer" means an insurer domiciled in the State of South Carolina. (2) "Fully funded" means that, with respect to any exposure attributed to a protected cell, the market value of the protected cell assets, on the date on which the …
S.C. Code Ann. § 38-10-30 Establishment of protected cells; attributions, management and administration of assets
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(A) A protected cell company may establish one or more protected cells with the prior written approval of the director of a plan of operation or amendments submitted by the protected cell company with respect to each protected cell in connection with an insurance securitization. …
S.C. Code Ann. § 38-10-40 Protected cell assets; liabilities chargeable; crediting income gain and loss; valuation; securitization; documentation and identification of protected cell; closure of protected cell account
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(A) The protected cell assets of a protected cell may not be charged with liabilities arising out of any other business the protected cell company may conduct. All contracts or other documentation reflecting protected cell liabilities shall clearly indicate that only the protecte…
