H4189: Captive Insurance Companies

Legislative Summary

Amend The South Carolina Code Of Laws By Amending Section 38-90-10, Relating To Definitions, So As To Include References To Foreign Captive Insurance Companies; By Amending Section 38-90-20, Relating To Licensing And Fees, So As To Amend Meeting Requirements, Remove A Certification Fee And Outline How To Make Proper Payments To The Department; By Amending Section 38-90-40, Relating To Capitalization Requirements, So As To Give Discretion To The Director; By Amending Section 38-90-60, Relating To Incorporation Options And Requirements, So As To Include Foreign Captive Insurance Companies; By Amending Section 38-90-70, Relating To Reports, So As To Change A Deadline And Include References To Foreign Captive Insurance Companies; By Amending Section 38-90-75, Relating To Discounting Of Loss And Loss Adjustment Expense Reserves, So As To Allow A Sponsored Captive Insurance Company To File One Actuarial Opinion; By Amending Section 38-90-80, Relating To Inspections And Examinations, So As To Make The Examination Of Some Captive Insurance Companies Optional And To Include References To Foreign Captive Insurance Companies; By Amending Section 38-90-140, Relating To Tax Payments, So As To Amend Required Tax Payments For A Sponsored Captive Insurance Company; By Amending Section 38-90-165, Relating To Declaration Of Inactivity, So As To Allow For The Submission Of A Written Approval; By Amending Section 38-90-175, Relating To The Captive Insurance Regulatory And Supervision Fund, So As To Change The Allowed Transfer Of Collected Taxes From Twenty Percent To Forty Percent; And By Amending 38-90-215, Relating To Protected Cells, So As To Remove Licensing Requirements.