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The South Carolina Captive Insurance Association (SCCIA) has reminded its members that the South Carolina Department of Insurance (SCDOI) neither encourages nor requires captive owners or board members to visit the state for board meetings in 2021.
Captives are required to hold a meeting via video or teleconference, SCCIA said, to comply with corporate governance requirements, but do not need to make a physical journey to South Carolina.
SCCIA urged members to contact it promptly with any concerns so that these can be addressed with the SCDOI, the legislature and the governor’s office where necessary.
South Carolina Captive Insurance Association, SCCIA, South Carolina Department of Insurance, SCDOI