CICA > Domiciles > South Carolina

South Carolina

 
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Year captive legislation was passed
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Total number of captives as of year-end 2022
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Number of pure / single parent captives as of 2022
69
Number of group / association captives as of 2022
1
Number of risk retention groups (RRGs) as of 2022
50
Number of sponsored / cell company captives as of 2022
14
Number of individual cells / series as of 2022
15
Number of other types of captives (industrial insured, special purpose, SPFI, pooling, branch) as of 2022
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Total gross premium written and assets under management (AuM) as of year-end 2021
Gross premium: USD $3,100,000,000
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
Number of full-time employees in captive regulatory department
9
Initial licensing and incorporating fees required by the domicile

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Annual filing requirements
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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
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Speed of licensing
30 days or less
Regulator
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Address and contact information of Regulatory Department
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Website Address
https://www.captives.sc.gov