Business Services Industry
S.C. amends captive law to allow reserve discount.(South Carolina seeks to attract reinsurance companies)(Brief Article)
Business Insurance, June, 2001 by Souter, Gavin
COLUMBIA, S.C.-South Carolina is seeking to attract reinsurers to the state with a law that will allow them to form captive subsidiaries in South Carolina that will be permitted to discount loss reserves. ``We are trying to level the playing field between what they are allowed to do in Bermuda, Guernsey and other overseas domiciles,'' said Clayton Ingram, director of business development for alternative risk transfer services at the South Carolina Department of Insurance.
Under the law, signed by Gov. Jim Hodges last Wednesday, reinsurance companies will be able to establish captive reinsurers in South Carolina with a minimum capitalization of $300 million. ``A captive reinsurance company may discount its loss and loss adjustment expense reserves at...
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