Director Ray Farmer
A Message from Raymond Farmer, Director of the South Carolina Department of Insurance
Thank you for visiting our newly designed, dedicated website for the Captive Insurance Division of the South Carolina Department of Insurance. Our Captive Team has assembled a wealth of information that will be of interest and practical value to captive owners and prospective owners, captive practitioners, and those interested in following the captive insurance industry.
With over 350 captives licensed since the program began in 2000, South Carolina has long been one of the nation’s premier captive domiciles. Here are a few features that set the South Carolina program apart from the others:
- Our Department’s Captive Division is fully staffed with a team of talented and knowledgeable professionals that are dedicated to the captive sector, and are led by a respected veteran of the captive and reinsurance markets, Jay Branum.
- Our resident community of experienced captive managers and other captive practitioners offers captive owners the full range of professional services required to efficiently form and effectively manage even the most complex captive insurance company.
- Our recently enacted captive legislation, S.909, allows a wider range of sponsoring entities to form protected cell companies on either an incorporated or an unincorporated basis.
- Additionally, S.909 eliminates a number of unnecessary and burdensome regulatory requirements, thus reinforcing our reputation for being business-friendly, while continuing to adhere to sound regulatory standards.
- We have made substantial improvements to our application and license approval process and have experienced a significant increase in application and licensing activity during 2014.
I encourage you to call on Jay and his team to find out how a South Carolina domiciled captive can help your organization better achieve its risk financing and risk management goals.
It’s a great new day for the South Carolina captive insurance program! Give us a call, and find out why.