South Carolina Code 38-14-180. Reinsurance credit
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A SPRV contract meeting the requirements under this chapter must be granted credit for reinsurance treatment or must otherwise qualify as an asset or a reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer under § 38-9-210 for the benefit of the ceding insurer, provided and only to the extent that:
(A) the fair value of the assets held in trust for the benefit of the ceding insurer equal or exceed the obligations due and payable to the ceding insurer by the SPRV under the SPRV contract;
Terms Used In South Carolina Code 38-14-180
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Insurer: includes a corporation, fraternal organization, burial association, other association, partnership, society, order, individual, or aggregation of individuals engaging or proposing or attempting to engage as principals in any kind of insurance or surety business, including the exchanging of reciprocal or interinsurance contracts between individuals, partnerships, and corporations. See South Carolina Code 38-1-20
(B) the assets are held in trust in accordance with the requirements set forth in this chapter;
(C) the assets are administered in the manner and pursuant to arrangements as set forth in this chapter; and
(D) the assets are held or invested in one or more of the forms allowed in § 38-14-170.