2013 South Carolina Code of Laws
Title 38 - Insurance
CHAPTER 90 - CAPTIVE INSURANCE COMPANIES
SECTION 38-90-75. Discounting of loss and loss adjustment expense reserves.
(A) A captive insurance company may discount its loss and loss adjustment expense reserves with prior written approval by the director or his designee.
(B) 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.
(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.
HISTORY: 2001 Act No. 58, Section 4, eff May 29, 2000; 2009 Act No. 28, Section 7, eff June 2, 2009.
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