Magazine article Risk Management

South Carolina

Magazine article Risk Management

South Carolina

Article excerpt

Location: Southeastern United States

Total Captives: 119

Capitalization: Pure captive: $250,000. Association captive: $700,000. Industrial insurers: $500,000. Sponsored captive: $1 million. Capital may be an irrevocable letter of credit issued by a bank chartered by South Carolina or a member bank of the Federal Reserve System.

Fees: Application fees: $200. Annual fee: $300 Investment Restrictions: Pure captive or industrial insured captive is not subject to any restrictions on allowable investments contained in this title, however, the director may prohibit or limit an investment that threatens the solvency or liquidity of the company. An association captive insurance company, a sponsored captive insurance company and an industrial insured group shall comply with the investment requirements contained in Title 38

of SC Insurance Code

Taxes: $1 to $20 million: 0.40% (direct), 0.225% (reinsurance). $20 to $40 million: 0.30% (direct), 0.15% (reinsurance). $40 to $60 million: 0.20% (direct), 0.05% (reinsurance). Over $60 million: 0.075% (direct), 0.025% (reinsurance). Minimum premium tax: $5,000

Tax Treaties: Not applicable

Regulation: Section 1, Title 38, Chapter 90 of the 1976 Code

Governance: Department of Insurance

Solvency: The director may prescribe additional capital based upon the type, volume, and nature of insurance business transacted. …

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