South Carolina

 
Total number of active captives
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Number of active captives (pure)
105
Number of active captives (group/association)
34
Number of individual cells/cell participants
27
Gross written premium for all captives
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Total number of active captives, prior year
172
Types of captives allowed
  • Single parent captives
  • Association captives
  • Group captives
  • Protected cell/segregated portfolio companies
  • Risk retention groups
  • Special purpose captives
  • Special purpose financial captives
  • Microcaptives set up using 831(b) regulations*
Number of full-time employees in captive regulatory department
10
Annual fees
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Premium tax rate
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Premiums to surplus
No greater than 5:1. Usually around 3:1. Depends on the nature, scale, and complexity of the risks to be insured.
Minimum capital (broken out by type of captive)

Pure captive, $250,000; industrial insured, $500,000 (stock), $500,000 in mutual surplus; association, $500,000 (stock), $750,000 in mutual surplus; sponsored, $250,000.

Applicable Acts/Enabling Legislation
Section 38-90 and Section 38-87 of the South Carolina Code of Laws, as amended
Captive Administrator’s name and longevity in position and also within department
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Time given for application process
30 days
Regulator
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Address and contact information of Regulatory Department
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Website Address
https://www.captives.sc.gov