South Carolina Code 38-12-80. Asset valuation
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 38-12-80
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- NAIC: means the National Association of Insurance Commissioners. See South Carolina Code 38-12-30
For purposes of this chapter, the value or amount of an investment acquired or held, or an investment practice engaged in pursuant to this chapter, unless otherwise specified in this title, must be the value at which assets of an insurer are required to be reported for statutory accounting purposes as determined in accordance with procedures prescribed in published accounting and valuation standards of the NAIC.