§ 38-90-100 — Applicability of investment requirements.

South Carolina § 38-90-100

• Jurisdiction: South Carolina
• Title 38: INSURANCE
• Ch. 90: CAPTIVE INSURANCE COMPANIES

Text

(A) An association captive insurance company, an industrial insured captive insurance company, and a risk retention group shall comply with the investment requirements contained in this title. Notwithstanding any other provision of this title, the director may approve the use of alternative reliable methods of valuation and rating. (B) A pure captive insurance company, a special purpose captive insurance company, other than a risk retention group formed as a special purpose captive insurance company, and a sponsored captive insurance company are not subject to any restrictions on allowable investments contained in this title; however, the director may request a written investment plan and may prohibit or limit an investment that threatens the solvency or liquidity of the company.

Legislative History

HISTORY: 2000 Act No. 331, SECTION 1; 2001 Act No. 58, SECTION 10, eff May 29, 2001; 2002 Act No. 228, SECTION 14, eff May 1, 2002; 2006 Act No. 332, SECTION 17, eff June 1, 2006; 2014 Act No. 282 (S.909), SECTION 14, eff June 10, 2014; 2018 Act No. 251 (H.4675), SECTION 1, eff May 18, 2018. Effect of Amendment 2014 Act No. 282, SECTION 14, in subsection (A), substituted "An association captive insurance company, an industrial insured captive insurance company insuring the risks of an industrial insured group, and a captive insurance company formed as a risk retention group" for "An association captive insurance company and an industrial insured captive insurance company insuring the risks of an industrial insured group"; in subsection (B), inserted "other than a special purpose captive insurance company formed as a risk retention group,"; and in subsection (C), inserted "or a sponsored captive insurance company", and substituted "only by order of the director" for "only upon the prior written approval of the director". 2018 Act No. 251, SECTION 1, in (A), in the first sentence, deleted "insuring the risks of an industrial insured group, and a captive insurance company formed as a" following "an industrial insured captive insurance company"; in (B), deleted ", a captive reinsurance company" following "A pure captive insurance company" and substituted "other than a risk retention group formed as a special purpose captive insurance company" for "other than a special purpose captive insurance company formed as a risk retention group"; and deleted (C), which related to a pure captive insurance company or a sponsored captive insurance company making loans to its parent company or affiliates.