Captive Insurance Companies AN ACT TO 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 AND TO ADD TERMS; BY AMENDING SECTION 38-90-20, RELATING TO REQUIREMENTS OF CAPTIVE INSURANCE COMPANIES, SO AS TO AMEND MEETING REQUIREMENTS AND OUTLINE COMPONENTS OF A PLAN OF OPERATION; 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 CREATED, SO AS TO INCREASE THE ALLOWED TRANSFER OF COLLECTED TAXES; AND BY AMENDING SECTION 38-90-215, RELATING TO PROTECTED CELLS, SO AS TO REMOVE LICENSING REQUIREMENTS. - RATIFIED TITLEView full text View Vote History View Fiscal Impact01/15/25Senate Introduced and read first time (Senate Journal-page 6)01/15/25Senate Referred to Committee on Banking and Insurance (Senate Journal-page 6)01/28/25 Scrivener's error corrected03/04/25Senate Committee report: Favorable with amendment Banking and Insurance (Senate Journal-page 17)03/05/25 Scrivener's error corrected04/02/25Senate Committee Amendment Adopted (Senate Journal-page 11)04/02/25Senate Read second time (Senate Journal-page 11)04/02/25Senate Roll call Ayes-43 Nays-0 (Senate Journal-page 11)04/03/25Senate Read third time and sent to House (Senate Journal-page 9)04/03/25 Scrivener's error corrected04/09/25House Introduced and read first time04/09/25House Referred to Committee on Labor, Commerce and Industry04/30/25House Committee report: Favorable with amendment Labor, Commerce and Industry (House Journal-page 16)05/01/25House Amended (House Journal-page 152)05/01/25House Read second time (House Journal-page 152)05/01/25House Roll call Yeas-106 Nays-0 (House Journal-page 154)05/01/25House Unanimous consent for third reading on next legislative day (House Journal-page 155)05/02/25House Read third time and returned to Senate with amendments (House Journal-page 9)05/06/25Senate Non-concurrence in House amendment (Senate Journal-page 105)05/08/25House House recedes from amendment(s)05/08/25Senate Ordered enrolled for ratification (Senate Journal-page 41)05/20/25 Ratified R 8805/22/25 Signed By Governor05/27/25 Effective date 05/22/2505/27/25 Act No. 62