S.C. Code Ann. § 38-90-235 – Terms and conditions for a protected cell insurance companies apply to sponsored captive insurance companies; exception | Midpage
§ 38-90-235
S.C. Code Ann. § 38-90-235
Terms and conditions for a protected cell insurance companies apply to sponsored captive insurance companies; exception
(A) Except as otherwise provided in this chapter, the terms and conditions provided in Chapter 10 relating to a protected cell insurance company apply in full to a sponsored captive insurance company.
(B) In the case of a sponsored captive insurance company:
(1) a protected cell need not be established solely for the purpose of effecting insurance securitizations, but may be established for the purpose of isolating the expenses and claims of a sponsored captive insurance company participant;
(2) the sponsored captive insurance company shall attribute all insurance obligations, assets, and liabilities relating to a participant's risks to the participant's protected cell; and