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2017 South Carolina Code of Laws
Title 38 - Insurance
CHAPTER 90 - CAPTIVE INSURANCE COMPANIES
Section 38-90-55. Incorporation requirements.
Universal Citation: SC Code § 38-90-55 (2017)
(A) A captive reinsurance company must be incorporated as a stock insurer with its capital divided into shares and held by its shareholders.
(B) At least one of the members of the board of directors of a captive reinsurance company incorporated in this State must be a resident of this State.
HISTORY: 2001 Act No. 58, Section 3, eff May 29, 2001; 2009 Act No. 28, Section 4, eff June 2, 2009; 2014 Act No. 282 (S.909), Section 9, eff June 10, 2014.
Effect of Amendment
2014 Act No. 282, Section 9, rewrote the section.
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