S 0210 by Turner
S 0210
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill amends the South Carolina Code of Laws to update regulations for captive insurance companies. Specifically, it includes provisions to clarify definitions related to foreign captive insurance companies and branch captives, modifies requirements for licensing and capital, streamlines reporting processes, and adjusts certain deadlines. It also addresses issues related to protected cells and the Captive Insurance Regulatory and Supervision Fund, aiming to modernize the state’s captive insurance framework.
Key provisions
- Includes definitions for ‘alien or foreign captive insurance company,’ ‘branch captive insurance company,’ ‘participant,’ and ‘alien adversary’ to clarify the scope of captive insurance regulations.
- Amends requirements for captive insurance companies to obtain licenses, including maintaining a principal place of business in South Carolina and appointing a resident registered agent.
- Modifies capital requirements for sponsored captive insurance companies, allowing for consolidated reporting and adjustments based on the director's assessment.
- Adjusts annual reporting requirements, including revised deadlines and potential waivers.
- Allows a sponsored captive insurance company to file one actuarial opinion for consolidated protected cells.
- Modifies inspection and examination procedures, potentially making some examinations optional.
- Adjusts tax payments for sponsored captive insurance companies, specifying the percentage of taxes to be deposited into the Captive Insurance Regulatory and Supervision Fund.
Bill text
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Sponsors
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1 on record
Primary sponsor
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