SPRVSindikat Prosvetnih Radnika Vojvodine (Serbo-Croation: Union of Educational Profession in Vojvodina; Yugoslavia)
SPRVSunway Pet Rescue Volunteers (Malaysia)
SPRVSystolic Pressure of Right Ventricle (cardiology)
SPRVSpecial Purpose Reinsurance Vehicle
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Whether this is consistent with the MAS's definition of "fully funded"--that the assets held in trust by the SPRV for the ceding insurer are not less than the potential liabilities of the SPRV under all reasonably foreseeable scenarios--seemingly would have to be addressed with the MAS on a case-by-case basis.
Thus, we expect the actuary to exercise professional judgment to ensure that he has considered all reasonably foreseeable scenarios in his assessment of the funding status of the SPRV.
They afford the SPRV broad authority to enter into transactions and contractual arrangements necessary to carry out a securitization.
The regulations further provide for protection against bankruptcy by requiring that holders of its debt securities not initiate or participate in "winding-up" (bankruptcy) proceedings against the SPRV until the debt securities are discharged.
To address this concern, the MAS stated in its response to feedback, "we would be more comfortable if the SPRV is owned, for instance, by a charitable trust.
Instead, the MAS will decide on a case-by-case basis whether the structure of a particular SPRV will qualify for bankruptcy-remoteness.
State insurance regulator: Maintenance of a formulaic minimum risk-based capital (solvency capital) for the SPRV at all times during the life of the transaction is the main consideration in determining the initial capital contribution to the SPRV as if the SPRV was an insurance operating entity, and not a traditional securitization vehicle.
The capital level determined by the rating agencies to support a rating on the debt securities is further subject to the maintenance of a minimum solvency capital by the SPRV set forth by its regulator.
The no-risk-of-loss approach together with the rating-agency-type methodology employed by the financial guarantor generally tends to impose capital maintenance level and operational covenants for the SPRV in excess of those required by the rating agencies as well as the regulator.
This restriction on the servicing of the debt securities results in a higher capital contribution to the SPRV to support a rating on the debt securities.
Alternatively, companies should explore establishing the SPRV in a jurisdiction where such treatment of the SPRV would be available, resulting in a less burdensome capital requirement.
In a Triple-X securitization transaction, a draw under the funding arrangement for the redundant statutory reserve (through liquid assets or LOC) is made only after the assets representing the economic statutory reserve of the SPRV are exhausted.