(A) An association captive insurance company, an industrial insured captive insurance company, and a risk retention group shall comply with the investment requirements contained in this title. Notwithstanding any other provision of this title, the director may approve the use of alternative reliable methods of valuation and rating.
(B) A pure captive insurance company, a special purpose captive insurance company, other than a risk retention group formed as a special purpose captive insurance company, and a sponsored captive insurance company are not subject to any restrictions on allowable investments contained in this title; however, the director may request a written investment plan and may prohibit or limit an investment that threatens the solvency or liquidity of the company.
HISTORY: 2000 Act No. 331, Section 1; 2001 Act No. 58, Section 10, eff May 29, 2001; 2002 Act No. 228, Section 14, eff May 1, 2002; 2006 Act No. 332, Section 17, eff June 1, 2006; 2014 Act No. 282 (S.909), Section 14, eff June 10, 2014; 2018 Act No. 251 (H.4675), Section 1, eff May 18, 2018.
Effect of Amendment
2014 Act No. 282, Section 14, in subsection (A), substituted "An association captive insurance company, an industrial insured captive insurance company insuring the risks of an industrial insured group, and a captive insurance company formed as a risk retention group" for "An association captive insurance company and an industrial insured captive insurance company insuring the risks of an industrial insured group"; in subsection (B), inserted "other than a special purpose captive insurance company formed as a risk retention group,"; and in subsection (C), inserted "or a sponsored captive insurance company", and substituted "only by order of the director" for "only upon the prior written approval of the director".
2018 Act No. 251, Section 1, in (A), in the first sentence, deleted "insuring the risks of an industrial insured group, and a captive insurance company formed as a" following "an industrial insured captive insurance company"; in (B), deleted ", a captive reinsurance company" following "A pure captive insurance company" and substituted ""other than a risk retention group formed as a special purpose captive insurance company" for "other than a special purpose captive insurance company formed as a risk retention group"; and deleted (C), which related to a pure captive insurance company or a sponsored captive insurance company making loans to its parent company or affiliates.
Structure South Carolina Code of Laws
Chapter 90 - Captive Insurance Companies
Section 38-90-10. Definitions.
Section 38-90-20. Licensing; required information and documentation; fee; renewal.
Section 38-90-30. Adoption of name.
Section 38-90-35. Discovery of confidential information in civil actions.
Section 38-90-40. Capitalization requirements.
Section 38-90-60. Incorporation options and requirements.
Section 38-90-75. Discounting of loss and loss adjustment expense reserves.
Section 38-90-90. Suspension or revocation of license.
Section 38-90-100. Applicability of investment requirements.
Section 38-90-110. Reinsurance; effect on reserves.
Section 38-90-120. Requirement to join ratings organization.
Section 38-90-130. Participation in plan, pool, association, or guaranty or insolvency fund.
Section 38-90-140. Tax payment; rates; "common ownership and control" defined.
Section 38-90-150. Rules, regulations, and orders.
Section 38-90-165. Declaration of inactivity.
Section 38-90-175. Captive Insurance Regulatory and Supervision Fund created; disbursements.
Section 38-90-210. Formation of sponsored captive insurance company; establishing protected cells.
Section 38-90-215. Protected cells.
Section 38-90-220. Requirements applicable to sponsors.
Section 38-90-225. Participants in a sponsored captive insurance company.
Section 38-90-230. Protected cell assets; availability to creditors.
Section 38-90-235. Repealed by 2014 Act No. 282, Section 24, eff June 10, 2014.
Section 38-90-250. Certificate of authority.
Section 38-90-420. Definitions.
Section 38-90-430. Relation to other Title 38 provisions.
Section 38-90-450. Organization requirements; privileges and restrictions.
Section 38-90-460. Capitalization.
Section 38-90-470. Authorized contracts.
Section 38-90-480. Protected cells.
Section 38-90-485. Effect of creation of protected cell; naming; management of assets.
Section 38-90-490. Issuance of securities.
Section 38-90-500. Swap agreements and other forms of asset management agreements.
Section 38-90-510. Authority to enter into contracts; contents.
Section 38-90-520. Requirements and guidelines for asset management.
Section 38-90-530. Trust agreements for assets held in trust or pledged to secure obligations.
Section 38-90-540. Payment of dividends.
Section 38-90-560. Examinations by director; confidentiality of examination reports.
Section 38-90-580. Tax rates and payment schedules.
Section 38-90-600. Conservation, rehabilitation, or liquidation of SPFC.
Section 38-90-610. Disclosure of information by director.