SC Code of Laws

The following sections of the South Carolina Code of Laws are commonly referred to as the captive statutes.  They are excerpted from Title 38 - Insurance and are the principal provisions of law that apply to captive insurance companies licensed in our state.

These are for your information only.  The online version of the South Carolina Code can be found here.  The authoritative versions are available in print from Thomson Reuters.

Chapter 90 - Captive Insurance Companies*

Section Description

10

Definitions

20

Licensing; required information and documentation; fee; renewal

30

Adoption of name

35

Discovery of confidential information in civil actions.

40

Capitalization requirements

60

Incorporation options and requirements

70

Reports

75

Discounting of loss and loss adjustment expense reserves

80

Inspections and examinations; confidentiality of reports; limitations applicable to branch captive insurance companies; application of general provisions

90

Suspension or revocation of license

100
 Applicability of investment requirements

105
 Loans

110

Reinsurance; effect on reserves

120

Requirement to join ratings organization

130

Participation in plan, pool, association, or guaranty or insolvency fund

140

Tax payment; rates; “common ownership and control" defined

150

Rules, regulations, and orders

160

Application of provisions of title; director discretion; exemption of special purpose captive insurance companies

165
 Declaration of inactivity

175

Captive Insurance Regulatory and Supervision Fund created; disbursements

180

Applicability of provisions relating to insurance reorganizations, receiverships, and injunctions; sponsored captive insurance company assets and capital provisions
200

Conversion of certain stock, mutual corporations, or limited liability companies into reciprocal insurers; plan for conversion

210

Formation of sponsored captive insurance company; establishing protected cells

215
 Protected cells

220

Requirements applicable to sponsors

225

Participants in sponsored captive insurance companies

230
 Protected cell assets; availability to creditors

250

Certificate of authority
*Please note the table above does not include all sections of Chapter 90 (e.g. SPFC and Coastal Captive sections are omitted)

Chapter 87 - Risk Retention Groups and Purchasing Groups

Section Description

10

Purpose

20

Definitions

30

Chartering of risk retention groups; submission of plan of operation; revisions of plan; information required

40

Out of state chartered risk retention groups; requirements for doing business in state

50

Participation by risk retention groups and purchasing groups in state insurance insolvency guaranty fund

70

Purchasing group and insurer subject to all applicable state laws; exceptions

80

Purchasing group; notice of intent to do business; notice of changes; designation of commissioner as agent for service; exceptions; additional information

90

Purchase of insurance from non state chartered group or non state admitted insurer; notice requirements; deductible or self insured retention not permitted; aggregate limits on purchase

100

Premium taxes

110

Powers of Chief Insurance Commissioner; applicable procedures; injunctive relief

120

License required to solicit, negotiate or procure liability insurance; notice to insured

130

U.S. District Court injunctions enforceable in state courts

140

Rules and regulations