South Carolina § 38-90-470 - Authorized contracts.
Full text of South Carolina South Carolina Code of Laws § 38-90-470 — Authorized contracts., with citation guidance and answers to common questions.
§ 38-90-470. Authorized contracts.
(A) A SPFC may insure only the risks of a counterparty.
(B) A SPFC may not issue a contract for assumption of risk or indemnification of loss other than a SPFC contract. However, the SPFC may cede risks assumed through a SPFC contract to third party reinsurers through the purchase of reinsurance or retrocession protection on terms approved by the director.
(C) A SPFC may enter into contracts and conduct other commercial activities related or incidental to and necessary to fulfill the purposes of the SPFC contract, insurance securitization, and this article. Those activities may include, but are not limited to: entering into SPFC contracts; issuing securities of the SPFC in accordance with applicable securities law; complying with the terms of these contracts or securities; entering into trust, swap, tax, administration, reimbursement, or fiscal agent transactions; or complying with trust indenture, reinsurance, or retrocession, and other agreements necessary or incidental to effectuate an insurance securitization in compliance with this article or the plan of operation approved by the director.
(D)(1) A SPFC may discount its reserves at discount rates as approved by the director.
(2) A SPFC shall file annually an actuarial opinion on reserves provided by an approved independent actuary.
HISTORY: 2004 Act No. 291, SECTION 28, eff July 29, 2004.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 38-90-470
What does South Carolina Code of Laws § 38-90-470 cover?
Section 38-90-470 ("Authorized contracts.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 38-90-470?
A common citation format is "South Carolina Code of Laws § 38-90-470" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 38-90-470 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.