The 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. It includes new definitions for foreign captive insurance companies and introduces terms such as "alien adversary" and "corporation controlled by an alien adversary" to enhance regulatory oversight. The bill adjusts meeting requirements, provides the director with discretion over capitalization requirements, modifies reporting deadlines, and allows sponsored captive insurance companies to submit a single actuarial opinion for themselves and their protected cells. Additionally, it removes certain licensing requirements for protected cells and adjusts tax obligations for these companies, allowing them to transact in non-U.S. currencies as long as they are not associated with an alien adversary.

Further amendments in the bill include changes to the examination frequency for captive insurance companies, allowing those not classified as risk retention groups to be examined three years post-licensure and at the director's discretion thereafter. It clarifies the confidentiality of examination reports and permits the director to share information with regulatory and law enforcement agencies under specific conditions. The bill also establishes a Captive Insurance Regulatory and Supervision Fund, funded by a percentage of collected taxes, to support the administration of captive insurance regulations. Lastly, it sets capital and surplus requirements for unincorporated protected cells and specifies that incorporated protected cells will be treated as special purpose captive insurance companies. The act will take effect upon the Governor's approval.

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