SC Code of Regulations

Regulations are more specific than statutes and are written, in many cases, to provide additional information and guidance with respect to the applicable statutes.  The following regulations are those most often referred to in the regulation of SC domiciled captives.

These are for your information only.  The online version of the South Carolina Regulations can be found here.  The authoritative versions are available in print form.

Regulation 69-60 Captive Insurance Companies

Section Description

1

Purpose and Authority

2

Annual Reporting Requirements

3

Annual Audit

4

Designation of Independent Certified Public Accountant

5

Notification of Adverse Financial Condition

6

Availability and Maintenance of Working Papers of the Independent Certified Public Accountant

7

Deposit Requirement

8

Organizational Examination

9

Reinsurance

10

Insurance Managers and Intermediaries

11

Directors

12

Conflict of Interest

13

Rescission of Captive License

14

Acquisition of Control of or Merger with Domestic Company

15

Change of Business

Regulation 69-70 Annual Audited Financial Reporting Regulation

Section Description

1

Authority

2

Purpose and Scope

3

Definitions

4

General Requirements Related to Filing and Extensions for Filing of Annual Audited Financial Reports and Audit Committee Appointment

5

Contents of Annual Audited Financial Report

6

Designation of Independent Certified Public Accountant

7

Qualifications of Independent Certified Public Accountant

8

Consolidated or Combined Audits

9

Scope of Audit and Report of Independent Certified Public Accountant

10

Notification of Adverse Financial Condition

11

Communication of Internal Control Related Matters Noted in an Audit

12

Accountant's Letter of Qualifications

13

Definition, Availability and Maintenance of Independent Certified Public Accountants Workpapers

14

Requirements for Audit Committees

15

Conduct of Insurer in Connection with the Preparation of Required Reports and Documents

16

Management's Report of Internal Control over Financial Reporting

17

Exemptions

18

Canadian and British Companies

19

Effective Dates

20

Severability Provision