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A86, R117, S589
Sponsors: Senator Thomas
Document Path: l:\council\bills\dka\3233dw07.doc
Introduced in the Senate on March 20, 2007
Introduced in the House on April 10, 2007
Passed by the General Assembly on June 1, 2007
Governor's Action: June 14, 2007, Signed
Summary: Captive insurance companies
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 3/20/2007 Senate Introduced and read first time SJ-2 3/20/2007 Senate Referred to Committee on Banking and Insurance SJ-2 3/29/2007 Senate Committee report: Favorable Banking and Insurance SJ-10 4/3/2007 Senate Read second time SJ-25 4/4/2007 Senate Read third time and sent to House SJ-10 4/10/2007 House Introduced and read first time HJ-22 4/10/2007 House Referred to Committee on Labor, Commerce and Industry HJ-23 5/30/2007 House Committee report: Favorable Labor, Commerce and Industry HJ-14 5/31/2007 House Read second time HJ-28 5/31/2007 House Unanimous consent for third reading on next legislative day HJ-29 6/1/2007 House Read third time and enrolled HJ-1 6/7/2007 Ratified R 117 6/14/2007 Signed By Governor 6/20/2007 Copies available 6/20/2007 Effective date 06/14/07 6/27/2007 Act No. 86
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VERSIONS OF THIS BILL
(A86, R117, S589)
AN ACT TO AMEND SECTION 38-90-110, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO A CAPTIVE INSURANCE COMPANY TAKING CREDIT FOR RESERVES ON RISKS OR PORTIONS OF RISKS CEDED TO REINSURERS COMPLYING WITH THE PROVISIONS OF SECTIONS 38-9-200, 38-9-210, AND 38-9-220, SO AS TO PROVIDE THAT AN INDUSTRIAL INSURED CAPTIVE INSURANCE COMPANY MAY NOT TAKE CREDIT IF NOT IN COMPLIANCE WITH THOSE PROVISIONS OF LAW, AND PROVIDE THAT ALL OTHER CAPTIVE INSURANCE COMPANIES MAY NOT TAKE CREDIT FOR RESERVES PURSUANT TO THOSE PROVISIONS UNLESS SPECIFIC APPROVAL HAS BEEN GRANTED BY THE DIRECTOR OF INSURANCE.
Be it enacted by the General Assembly of the State of South Carolina:
Reinsurance may be provided, etc.
SECTION 1. Section 38-90-110 of the 1976 Code is amended to read:
"Section 38-90-110. (A) A captive insurance company may provide reinsurance, as authorized in this title, on risks ceded by any other insurer.
(B)(1) A captive insurance company may take credit for reserves on risks or portions of risks ceded to reinsurers complying with the provisions of Sections 38-9-200, 38-9-210, and 38-9-220.
(2) An industrial insured captive insurance company may not take credit for reserves on risks or portions of risks ceded to a reinsurer if the reinsurer is not in compliance with Sections 38-9-200, 38-9-210, and 38-9-220.
(3) All other captive insurance companies may not take credit for reserves on risks or portions of risks ceded to a reinsurer if the reinsurer is not in compliance with Sections 38-9-200, 38-9-210, and 38-9-220, unless specific approval has been granted for this credit or the reinsurer by order of the director."
SECTION 2. This act takes effect upon approval by the Governor.
Ratified the 8th day of June, 2007.
Approved the 14th day of June, 2007.
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