How To Form a Captive in South Carolina
ü Contact the Captive Insurance Division to discuss the opportunity with the Joe McDonald, or call (803) 737-3415. For special purpose financial captives (SPFCs), contact Daniel Morris, or call (803) 737-6039.
ü Select an approved captive manager to assist you with the preparation of the documents and provide guidance for provider selection.
ü Arrange a meeting with the Division to discuss the plan of operation for your captive. An Executive Summary is due five days prior to the meeting.
ü Submit a completed application in electronic form to Captive Mail. Send checks for the prescribed fees via USPS or courier.
ü Incorporate the company with the South Carolina Secretary of State’s Office and provide these documents in electronic form to the Division.
ü A certificate of authority will be provided by the Division along with a licensing letter. Expect the process to take 30 – 45 days depending on complexity, following the receipt of a completed application. Special purpose financial captives may require additional review time.
ü You may begin writing business following receipt of a letter of approval from the Division.
The complete list of forms you may need can be found on the Captive Filing Forms page. During the formation process, you will need:
- Executive Summary
- SCDOI Captive Application and list of attachments.
- Biographical Affidavits
- Sample form for letter of credit
- Uniform Consent to Service of Process
Forms for SPFCs:
- Application – The application form will be provided by the Department after an initial meeting to discuss a potential transaction.
- Biographical Affidavit (available from the NAIC)
- Application to Certify Aggregate Reserves
- Application to Act as an Independent CPA
- Uniform Consent to Service of Process (available from the NAIC)
The list of approved captive managers, actuaries, and auditors can be found on the Service Providers page. The forms to apply for approval and to be listed on our website can be found on the Apply to be a Service Provider page.