2012 South Carolina Code of Laws
Title 38 - Insurance
Chapter 90 - CAPTIVE INSURANCE COMPANIES
Section 38-90-890 - Requirements for issuance of license.

The director may not issue a license to a South Carolina coastal captive insurance company unless the director finds that the:

(1) coastal captive insurance company is capitalized adequately or properly reinsured, or both, after giving due consideration to the business plan, feasibility study, and pro formas, including the level of risk to be retained by the coastal captive insurance company;

(2) proposed business plan of the coastal captive insurance company provides for a reasonable and expected successful operation and is not hazardous to any policyholder;

(3) proposed business plan, including any contracts or agreements to which the coastal captive insurance company is a party, and the intended operation of the coastal captive insurance company comply with this article and with any other applicable provisions of this title; and

(4) proposed business plan and intended operation of the coastal captive insurance company satisfy the purpose of this article.

HISTORY: 2007 Act No. 78, Section 16, eff June 11, 2007, applicable to taxable years beginning after December 31, 2006.