South Carolina captive bill passed

South Carolina Senate Bill 210 (S. 210) has been passed in the South Carolina State Legislature and is on the way to Governor McMaster for signature. According to captive insurance consulting and underwriting firm Captives.Insure (CI) the bill a represents a comprehensive update to the state’s captive insurance laws. 

CI said in a statement on its website that that the bill aims to modernise the regulatory framework, enhance flexibility for captive insurers, and strengthen South Carolina’s position as a leading domicile for captive insurance companies. S. 210 was introduced by Senator Turner and passed the Senate unanimously (43-0), reflecting broad bipartisan support for modernising the captive insurance framework. 

The bill’s updates are designed to keep South Carolina competitive as a domicile for captive insurance companies, especially as the industry evolves and more sophisticated structures, such as foreign captives and protected cells, become prevalent.

In addition CI said that the explicit recognition of foreign captives and the relaxation of certain licensing requirements may encourage new entrants and innovative captive structures to select South Carolina as their domicile.

CI said: “S. 210 represents a significant step forward in updating South Carolina’s captive insurance laws. The bill’s provisions are expected to enhance the state’s regulatory flexibility, support industry growth, and maintain South Carolina’s status as a leading captive domicile. The changes will be welcomed by captive managers, sponsors, and businesses seeking sophisticated risk management solutions in a favourable regulatory environment.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.