South Carolina Statutes
§ 38-90-225 — Participants in a sponsored captive insurance company.
(A)The following may be participants in a sponsored captive insurance company formed or licensed pursuant to this chapter:
(1)an association, corporation, limited liability company, partnership, trust, or other business entity; and (2) a sponsor.
(B)A participant does not need to be a shareholder of the sponsored captive insurance company or an affiliate of the company.
(C)A participant shall insure only its own risks through a sponsored captive insurance company unless otherwise approved by the director.
(D)A risk retention group may not be a sponsor or participant in a sponsored captive insurance company.
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South Carolina § 38-90-225 (Participants in a sponsored captive insurance company.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2018 Act No. 251 (H.4675), SECTION 1, eff May 18, 2018.
Nearby Sections
15
§ 38-90-10
Definitions.§ 38-90-100
Applicability of investment requirements.§ 38-90-105
Loans.§ 38-90-110
Reinsurance; effect on reserves.§ 38-90-120
Requirement to join ratings organization.§ 38-90-145
Reserved.§ 38-90-150
Rules, regulations, and orders.§ 38-90-165
Declaration of inactivity.§ 38-90-190
Reserved.