South Carolina Senate Bill 210

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 15 2025 - 25% progression
Action: 2025-01-28 - Scrivener's error corrected
Pending: Senate Banking and Insurance Committee
Text: Latest bill text (Draft #2) [HTML]

Amend The South Carolina Code Of Laws By Amending Section 38-90-10, Relating To Definitions, So As To Include References To Foreign Captive Insurance Companies And To Add Terms; By Amending Section 38-90-20, Relating To Requirements Of Captive Insurance Companies, So As To Amend Meeting Requirements And Outline Components Of A Plan Of Operation; By Amending Section 38-90-40, Relating To Capitalization Requirements, So As To Give Discretion To The Director; By Amending Section 38-90-60, Relating To Incorporation Options And Requirements, So As To Include Foreign Captive Insurance Companies; By Amending Section 38-90-70, Relating To Reports, So As To Change A Deadline And Include References To Foreign Captive Insurance Companies; By Amending Section 38-90-75, Relating To Discounting Of Loss And Loss Adjustment Expense Reserves, So As To Allow A Sponsored Captive Insurance Company To File One Actuarial Opinion; By Amending Section 38-90-80, Relating To Inspections And Examinations, So As To Make The Examination Of Some Captive Insurance Companies Optional And To Include References To Foreign Captive Insurance Companies; By Amending Section 38-90-140, Relating To Tax Payments, So As To Amend Required Tax Payments For A Sponsored Captive Insurance Company; By Amending Section 38-90-165, Relating To Declaration Of Inactivity, So As To Allow For The Submission Of A Written Approval; By Amending Section 38-90-175, Relating To The Captive Insurance Regulatory And Supervision Fund Created, So As To Increase The Allowed Transfer Of Collected Taxes; And By Amending Section 38-90-215, Relating To Protected Cells, So As To Remove Licensing Requirements.

Captive Insurance Companies

Sen. Ross Turner [R]

Date	Chamber	Action
2025-01-28		Scrivener's error corrected
2025-01-15	Senate	Referred to Committee on Banking and Insurance
2025-01-15	Senate	Introduced and read first time

Chapter	Article	Section	Citation Type	Statute Text
38	90	10	(n/a)	See Bill Text
38	90	140	(n/a)	See Bill Text
38	90	165	(n/a)	See Bill Text
38	90	175	(n/a)	See Bill Text
38	90	20	(n/a)	See Bill Text
38	90	215	(n/a)	See Bill Text
38	90	40	(n/a)	See Bill Text
38	90	60	(n/a)	See Bill Text
38	90	70	(n/a)	See Bill Text
38	90	75	(n/a)	See Bill Text
38	90	80	(n/a)	See Bill Text

Type	Source
Summary	https://www.scstatehouse.gov/billsearch.php?billnumbers=0210&session=126&summary=B
Text	https://www.scstatehouse.gov/sess126_2025-2026/prever/210_20250115.htm
Text	https://www.scstatehouse.gov/sess126_2025-2026/prever/210_20250128.htm
Supplement	https://www.scstatehouse.gov/sess126_2025-2026/fiscalimpactstatements/S0210%202025-01-15%20introduced.pdf