Financial Services Industry
Industry: Email Alert RSS FeedS.C. passes $100,000 captive tax cap. (Captive Law).(South Carolina)
National Underwriter Property & Casualty-Risk & Benefits Management, June, 2003 by McDonald, Caroline
A last minute rush to include captive insurer legislation, including a cap on premium taxes of $100,000, proved fruitful for the domicile of South Carolina. A bill was passed on June 5 just moments before the legislature's summer recess. At press time the bill awaited the "imminent" signature of Republican Governor Mark C.
Sanford. "The governor said he was not going to call them back, so they were not coming back until January to take up anything," said Clayton Ingram, manager of business development, alternative risk transfer services, for the South Carolina Department of Insurance. "They adjourned at 5:00 on that last day, and do you want to know when this bill was passed? Four-fifty-nine-forty. They were not going to adjourn without passing the...
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