2017 South Carolina Code of Laws
Title 38 - Insurance
CHAPTER 90 - CAPTIVE INSURANCE COMPANIES
Section 38-90-145. Annual captive reinsurance tax.
(A) A captive reinsurance company shall pay to the department by March first of each year a captive reinsurance tax of five thousand dollars.
(B) The tax provided in this section is the only tax collectible pursuant to the laws of this State from a captive reinsurance company, and no tax on reinsurance premiums, other than occupation tax, nor any other taxes may be levied or collected from a captive reinsurance company by the State or a county, city, or municipality within this State, except ad valorem taxes on real and personal property used in the production of income.
(C) A captive reinsurance company failing to make returns or to pay all taxes required by this section is subject to sanctions provided in this title.
HISTORY: 2001 Act No. 58, Section 5, eff May 29, 2001.