Current Status Introducing Body:House Bill Number:3244 Primary Sponsor:Boan Committee Number:26 Type of Legislation:GB Subject:Insurance captives, limitation of risks Residing Body:House Current Committee:Labor, Commerce and Industry Companion Bill Number:402 595 Date Tabled:Feb 12, 1991 Computer Document Number:NO5/7115.BD Introduced Date:Jan 17, 1991 Last History Body:House Last History Date:Feb 12, 1991 Last History Type:Tabled in Committee Scope of Legislation:Statewide All Sponsors:Boan McElveen Type of Legislation:General Bill
Bill Body Date Action Description CMN
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3244 House Feb 12, 1991 Tabled in Committee 26
3244 House Jan 17, 1991 Introduced, read first time, 26
referred to Committee
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TO AMEND SECTION 38-55-30, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LIMITATION OF RISK BY INSURERS, SO AS TO APPLY THE LIMITATION TO CAPTIVES AND DEFINE THE TERM.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 38-55-30 of the 1976 Code is amended to read:
"Section 38-55-30. Except as otherwise provided in this title, no insurer or captive doing business in this State may expose itself to any a loss on any one risk in an amount exceeding ten percent of its surplus to policyholders. Any A risk or portion of any risk it which has been reinsured must be deducted in determining the limitation of risk prescribed in this section. As used in this section, `captive' means an insurance company owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies, or for groups and associations, an insurance organization owned by the insureds whose exclusive purpose is to insure risks of member organizations or group members and their affiliates, or both."
SECTION 2. This act takes effect upon approval by the Governor.