Where can I find information on credit for reinsurance in the SC Code of Laws?
Pursuant to §38-90-110 of the SC Code of Laws and Section 9 of SC Regulation 69-60, captives may take credit for reserves ceded to reinsurers complying with the provisions of Sections 38-9-200, 38-9-210, and 38-9-220.

Reinsurers meeting specific criteria in §38-9-200 can be authorized in South Carolina. There are no collateralization requirements for authorized reinsurers or Lloyd’s of London Syndicates. The authorized reinsurers are listed on the SCDOI’s website under the following lists:

  • List of Approved Assuming Reinsurers in South Carolina (AARs)
  • List of Approved Unlicensed Reinsurers in South Carolina (AURs)
  • List of Insurance Companies and HMOs Authorized to Transact Business Within the State of South Carolina

For unauthorized reinsurers, collateral must be provided in the forms prescribed under §38-9-210.

Industrial insured captives may not take credit for reserves ceded to a reinsurer if the reinsurer is not in compliance with Sections 38-9-200, 38-9-210, and 38-9-220. All other captives may not take credit for reserves ceded to a reinsurer if the reinsurer is not in compliance with Sections 38-9-200, 38-9-210, and 38-9-220, unless specific approval has been granted for this credit or the reinsurer by order of the director.

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1. Does South Carolina require annual board meetings?
2. Does South Carolina require a resident director?
3. Where can I find information on credit for reinsurance in the SC Code of Laws?
4. How often are captive examinations required by South Carolina?
5. When are captive filings due?
6. Do I need to submit hard copy or electronic filings?
7. How often should proforma projections be filed and what should be included?
8. How do I redomesticate to South Carolina?
9. What are the minimum capitalization requirements for South Carolina captives?
10. What are the fees and rates in South Carolina?
11. Does South Carolina have any investment restrictions?
12. How do I request a Certificate of Good Standing?
13. How do I become an approved service provider in South Carolina?
14. How should I submit a request to change my captive’s business plan?
15. Where can I find the most up-to-date version of the SC Code of Laws or SC Code of Regulations?
16. How do I pay premium taxes?
17. What information related to captive insurance companies is kept confidential by the SC Department?