S.C. Code Ann. § 38-90-180 – Applicability of Chapter 27 to insurance reorganizations, receiverships, and injunctions; sponsored captive insurance company assets and capital provisions | Midpage
§ 38-90-180
S.C. Code Ann. § 38-90-180
Applicability of Chapter 27 to insurance reorganizations, receiverships, and injunctions; sponsored captive insurance company assets and capital provisions
(A) Except as otherwise provided in this section, the terms and conditions set forth in Chapter 27 pertaining to insurance reorganizations, receiverships, and injunctions apply in full to captive insurance companies formed or licensed under this chapter.
(B) In the case of a sponsored captive insurance company:
(1) the assets of the protected cell may not be used to pay any expenses or claims other than those attributable to the protected cell; and
(2) its capital and surplus at all times must be available to pay any expenses of or claims against the sponsored captive insurance company.