There is a newer version of the South Carolina Code of Laws
2012 South Carolina Code of Laws
Title 38 - Insurance
Chapter 90 - CAPTIVE INSURANCE COMPANIES
Section 38-90-110 - Reinsurance; effect on reserves.
SC Code § 38-90-110 (2012) What's This?
(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 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 order of the director.
HISTORY: 2000 Act No. 331, Section 1; 2007 Act No. 86, Section 1, eff June 14, 2007.
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