South Carolina § 38-90-110 Reinsurance; effect on reserves.

South Carolina Statutes

§ 38-90-110 — Reinsurance; effect on reserves.

South Carolina·Title 38 INSURANCE·Ch. 90 CAPTIVE INSURANCE COMPANIES

(A)A captive insurance company may provide reinsurance, as authorized in this title, on risks ceded by any other insurer.

(B)(1) A captive insurance company may take credit for reserves on risks or portions of risks ceded to reinsurers complying with the provisions of Sections 38-9-200, 38-9-210, and 38-9-220.

(2)An industrial insured captive insurance company or a captive insurance company formed as a risk retention group may not take credit for reserves on risks or portions of risks ceded to a reinsurer if the reinsurer is not in compliance with Sections 38-9-200, 38-9-210, and 38-9-220.

(3)All other captive insurance companies may not take credit for reserves on risks or portions of risks ceded to a reinsurer if the reinsurer is not in compliance with Sections 38-9-200, 38-9-210, and

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(A) A captive insurance company may provide reinsurance, as authorized in this title, on risks ceded by any other insurer. (B)(1) A captive insurance company may take credit for reserves on risks or portions of risks ceded to reinsurers complying with the provisions of Sections 38-9-200, 38-9-210, and 38-9-220. (2) An industrial insured captive insurance company or a captive insurance company formed as a risk retention group may not take credit for reserves on risks or portions of risks ceded to a reinsurer if the reinsurer is not in compliance with Sections 38-9-200, 38-9-210, and 38-9-220. (3) All other captive insurance companies may not take credit for reserves on risks or portions of risks ceded to a reinsurer if the reinsurer is not in compliance with Sections 38-9-200, 38-9-210, and 38-9-220, unless specific approval has been granted for this credit or the reinsurer by approval of the director, or the captive insurance company is participating in a risk pool for the purpose of risk sharing, as approved by the director.

South Carolina § 38-90-110 (Reinsurance; effect on reserves.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: 2000 Act No. 331, SECTION 1; 2007 Act No. 86, SECTION 1, eff June 14, 2007; 2014 Act No. 282 (S.909), SECTION 15, eff June 10, 2014; 2018 Act No. 251 (H.4675), SECTION 1, eff May 18, 2018. Effect of Amendment 2014 Act No. 282, SECTION 15, in subsection (B)(2), inserted "or a captive insurance company formed as a risk retention group". 2018 Act No. 251, SECTION 1, in (B)(3), substituted "approval of the director, or the captive insurance company is participating in a risk pool for the purpose of risk sharing, as approved by the director" for "order of the director" at the end.