2017 South Carolina Code of Laws
Title 38 - Insurance
CHAPTER 90 - CAPTIVE INSURANCE COMPANIES
Section 38-90-110. Reinsurance; effect on reserves.
(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 or a captive insurance company formed as a risk retention group 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; 2014 Act No. 282 (S.909), Section 15, eff June 10, 2014.
Effect of Amendment
2014 Act No. 282, Section 15, in subsection (B)(2), inserted "or a captive insurance company formed as a risk retention group".
