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Session 125 (2023-2024) Bill Number H 4189 - Banking & Insurance Committeee Amendment Considered 09-OCT-2024 |
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The Committee on Banking and Insurance proposes the following amendment (LC-4189.PH0004S):
Amend the bill, as and if amended, SECTION 1, by striking Section 38-90-10(1) and inserting:
(1) "Alien or foreign captive insurance company" means an insurance company or protected cell, or its equivalent, of an insurance company formed to write insurance business for its parents and affiliates and licensed pursuant to the laws of an alien or foreign jurisdiction which imposes statutory or regulatory standards in a form acceptable to the director on companies transacting the business of insurance in such jurisdiction, but may not include a corporation controlled by an alien adversary.Amend the bill further, by adding an appropriately numbered SECTION to read:
SECTION X. Section 38-90-10 of the S.C. Code is amended by adding:Amend the bill further, SECTION 2, by striking Section 38-90-20(G)(1)(d) and inserting:
(d) The non-U.S. currency may only be the currency of the country in which the owner or insured of the captive insurance company or protected cell is located and may not be the currency of an alien adversary.