The bill S. 210 proposes amendments to the South Carolina Code of Laws concerning captive insurance companies, introducing new definitions for terms such as "foreign captive insurance companies," "alien adversary," and "dominant shareholder." It modifies existing requirements for captive insurance companies, including board meeting protocols, capitalization standards, and reporting deadlines. A significant change is the option for certain captive insurance companies to undergo examinations at the discretion of the director, as well as the introduction of a provision allowing sponsored captive insurance companies to file a single actuarial opinion for their consolidated operations.

Additionally, the bill makes adjustments to tax payments for sponsored captive insurance companies, removes licensing requirements for protected cells, and permits captive insurance companies to handle claims in non-U.S. currencies, provided they are not linked to an alien adversary. It also streamlines the process for foreign or alien captive insurance companies to transition to domestic status by adhering to state laws and filing necessary documentation. Other amendments include changes to the Captive Insurance Regulatory and Supervision Fund, increasing the tax allocation percentage from twenty to forty percent, and clarifying the treatment of unincorporated and incorporated protected cells. Overall, the bill aims to modernize the regulatory framework for captive insurance companies in South Carolina, enhancing operational flexibility and compliance oversight.

Statutes affected:
01/15/2025: 38-90-10, 38-90-20, 38-90-40, 38-90-60, 38-90-70, 38-90-75, 38-90-80, 38-90-140, 38-90-165, 38-90-175, 38-90-215
01/28/2025: 38-90-10, 38-90-20, 38-90-40, 38-90-60, 38-90-70, 38-90-75, 38-90-80, 38-90-140, 38-90-165, 38-90-175, 38-90-215
03/04/2025: 38-90-10, 38-90-20, 38-90-40, 38-90-60, 38-90-70, 38-90-75, 38-90-80, 38-90-140, 38-90-165, 38-90-175, 38-90-215
03/05/2025: 38-90-10, 38-90-20, 38-90-40, 38-90-60, 38-90-70, 38-90-75, 38-90-80, 38-90-140, 38-90-165, 38-90-175, 38-90-215
04/03/2025: 38-90-10, 38-90-20, 38-90-40, 38-90-60, 38-90-70, 38-90-75, 38-90-80, 38-90-140, 38-90-165, 38-90-175, 38-90-215
04/03/2025-A: 38-90-10, 38-90-20, 38-90-40, 38-90-60, 38-90-70, 38-90-75, 38-90-80, 38-90-140, 38-90-165, 38-90-175, 38-90-215
04/30/2025: 38-90-10, 38-90-20, 38-90-40, 38-90-60, 38-90-70, 38-90-75, 38-90-80, 38-90-140, 38-90-165, 38-90-175, 38-90-215
05/01/2025: 38-90-10, 38-90-20, 38-90-40, 38-90-60, 38-90-70, 38-90-75, 38-90-80, 38-90-140, 38-90-165, 38-90-175, 38-90-215
05/08/2025: 38-90-10, 38-90-20, 38-90-40, 38-90-60, 38-90-70, 38-90-75, 38-90-80, 38-90-140, 38-90-165, 38-90-175, 38-90-215
Latest Version: 38-90-10, 38-90-20, 38-90-40, 38-90-60, 38-90-70, 38-90-75, 38-90-80, 38-90-140, 38-90-165, 38-90-175, 38-90-215