Financial Services Industry
Industry: Email Alert RSS FeedGovernor Signs S.C. Captive Bill.(South Carolina)(Brief Article)
National Underwriter Property & Casualty-Risk & Benefits Management, June, 2001 by MCDONALD, CAROLINE
South Carolina Governor Jim Hodges recently signed into law a bill that allows a new class of captive and adds provisions to sponsored captive legislation in South Carolina. "Effective [immediately] we have a new class of captive--a reinsurance captive," said Clayton Ingram, director of business development for the Alternative Risk Transfer Division of the S.C.
Department of Insurance in Columbia. "We wanted it passed quickly and we wanted it signed quickly and it moved right on through at a brisk pace. The new legislation adds provisions to sponsored captive legislation by "giving alternatives to having [a captive] purely fronted," said Mr. Ingram. It also allows a holding company to have a sponsored captive; allows sponsored captives to discount...
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