Bill S. 210 seeks to amend the South Carolina Code of Laws concerning captive insurance companies by introducing several key changes aimed at modernizing the regulatory framework. The bill includes new definitions for foreign captive insurance companies and introduces terms such as "alien adversary" and "corporation controlled by an alien adversary" to enhance national security oversight. It adjusts meeting requirements, provides the director with discretion over capitalization requirements, modifies reporting deadlines, and makes the examination of certain captive insurance companies optional. Additionally, it allows sponsored captive insurance companies to file a single actuarial opinion for themselves and their protected cells, while also clarifying the confidentiality of examination reports.

The bill further proposes changes to tax payment requirements for sponsored captive insurance companies, increasing the percentage of collected taxes credited to the Captive Insurance Regulatory and Supervision Fund from twenty to forty percent. It outlines capital and surplus requirements for both unincorporated and incorporated protected cells, ensuring they meet specific financial standards based on their business plans and risk complexities. Overall, these amendments aim to create a more accommodating environment for both domestic and foreign captive insurance entities while ensuring compliance with national security standards. The act will take effect upon approval by the Governor.

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
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