South Carolina § 38-90-75 Discounting of loss and loss adjustment expense reserves.

South Carolina Statutes

§ 38-90-75 — Discounting of loss and loss adjustment expense reserves.

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

(A)A captive insurance company shall file annually an actuarial opinion on loss and loss adjustment expense reserves provided by an independent actuary. The actuary may not be an employee of the captive company or its affiliates.

(B)A captive insurance company may discount its loss and loss adjustment expense reserves with prior written approval by the director.

(C)The director may disallow the discounting of loss and loss adjustment expense reserves if a captive insurance company violates a provision of this title.

(D)The director may allow a sponsored captive insurance company to file one actuarial opinion pursuant to this section on a consolidated basis covering the sponsored captive insurance company and its unincorporated protected cells and incorporated protected cells.

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(A) A captive insurance company shall file annually an actuarial opinion on loss and loss adjustment expense reserves provided by an independent actuary. The actuary may not be an employee of the captive company or its affiliates. (B) A captive insurance company may discount its loss and loss adjustment expense reserves with prior written approval by the director. (C) The director may disallow the discounting of loss and loss adjustment expense reserves if a captive insurance company violates a provision of this title. (D) The director may allow a sponsored captive insurance company to file one actuarial opinion pursuant to this section on a consolidated basis covering the sponsored captive insurance company and its unincorporated protected cells and incorporated protected cells.

South Carolina § 38-90-75 (Discounting of loss and loss adjustment expense reserves.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: 2001 Act No. 58, SECTION 4, eff May 29, 2000; 2009 Act No. 28, SECTION 7, eff June 2, 2009; 2018 Act No. 251 (H.4675), SECTION 1, eff May 18, 2018; 2025 Act No. 62 (S.210), SECTION 7, eff May 22, 2025. Effect of Amendment 2018 Act No. 251, SECTION 1, redesignated former (A) as (B) and former (B) as (A), and in (B), deleted "or his designee" from the end. 2025 Act No. 62, SECTION 7, added (D).