{"data":{"id":"us-sc/s.c.-code-ann.-38-90-590","jurisdiction":"us-sc","citation":"S.C. Code Ann. § 38-90-590","heading":"Conditions for SPFC contract being granted credit for reinsurance treatment or otherwise qualifying as asset or reduction from liability for benefit of counterparty.","body":"A SPFC contract meeting the provisions of this article must be granted credit for reinsurance treatment or otherwise qualifies as an asset or a reduction from liability for reinsurance ceded by a domestic insurer to a SPFC as an assuming insurer pursuant to the provisions of Section 38-9-210 for the benefit of the counterparty, provided and only to the extent:\n(1) of the fair value of the assets held in trust for, or irrevocable letters of credit issued by a bank chartered by this State or a member bank of the Federal Reserve System or as approved by the director, for the benefit of the counterparty under the SPFC contract;\n(2) the assets are held in trust pursuant to the provisions of this article;\n(3) the assets are administered in the manner and pursuant to arrangements as provided in this article; and\n(4) the assets are held or invested in one or more of the forms allowed in Section 38-90-530.","path":["Title 38 - INSURANCE","CHAPTER 90 Captive Insurance Companies","ARTICLE 3 Special Purpose Financial Captives"],"source_url":"https://www.scstatehouse.gov/code/t38c090.php","current_through":"2025 Session of the General Assembly","vintage":"","retrieved_at":"2026-09-02T07:15:44Z","sha256":"1adc09072b4fcd0ff928d20bd1084671ad9f09fcfdc8ffcdb33377eeb3c41e39","source_id":"us-sc","stale":false,"prev":"us-sc/s.c.-code-ann.-38-90-580","next":"us-sc/s.c.-code-ann.-38-90-600"},"notice":"GroundRules: Original legal text. Not legal advice."}