South Carolina § 38-90-130 Participation in plan, pool, association, or guaranty or insolvency fund.

South Carolina Statutes

§ 38-90-130 — Participation in plan, pool, association, or guaranty or insolvency fund.

South Carolina § 38-90-130

Title 38INSURANCE

Ch. 90CAPTIVE INSURANCE COMPANIES

This text of South Carolina § 38-90-130 (Participation in plan, pool, association, or guaranty or insolvency fund.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 38-90-130 (2026).

Text

A captive insurance company, including a captive insurance company organized as a reciprocal insurer under this chapter, may not join or contribute financially to a plan, pool, association, or guaranty or insolvency fund in this State, and a captive insurance company, or its insured or its parent or any affiliated company or any member organization of its association, or in the case of a captive insurance company organized as a reciprocal insurer, a subscriber of the company, may not receive a benefit from a plan, pool, association, or guaranty or insolvency fund for claims arising out of the operations of such captive insurance company. Subject to the approval of the director, participation by a captive insurance company, including a pure captive insurance company, in a pool for the purpo

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A captive insurance company, including a captive insurance company organized as a reciprocal insurer under this chapter, may not join or contribute financially to a plan, pool, association, or guaranty or insolvency fund in this State, and a captive insurance company, or its insured or its parent or any affiliated company or any member organization of its association, or in the case of a captive insurance company organized as a reciprocal insurer, a subscriber of the company, may not receive a benefit from a plan, pool, association, or guaranty or insolvency fund for claims arising out of the operations of such captive insurance company. Subject to the approval of the director, participation by a captive insurance company, including a pure captive insurance company, in a pool for the purpose of risk sharing is not prohibited under this section.

Legislative History

HISTORY: 2000 Act No. 331, SECTION 1; 2009 Act No. 28, SECTION 10, eff June 2, 2009; 2014 Act No. 282 (S.909), SECTION 16, eff June 10, 2014; 2018 Act No. 251 (H.4675), SECTION 1, eff May 18, 2018. Effect of Amendment 2014 Act No. 282, SECTION 16, inserted "by a captive insurance company, including a pure captive insurance company," in the second sentence, and added the third sentence. 2018 Act No. 251, SECTION 1, in the second sentence, substituted "approval of the director" for "prior written approval of the director or his designee" and deleted "commercial" following "for the purpose of", and deleted the third sentence, which related to the writing of third-party risk by a captive insurance company outside or a commercial risk sharing agreement.