South Carolina

SRS Contact:

Laura Rodrigo
Regional Manager

Tel: 843 884-5902

Webinars:

2015 The State of the Captive Insurance Market

Announcements:

Liz Frederick Joins SRS to Lead Southeast Region

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Overview

South Carolina established its captive legislation in 2000 and has become a leading US onshore domicile. At the end of 2014, South Carolina had 158 active captives.

Minimum Capital and Surplus

Single parent captive $250,000
Group captive – industrial insured $500,000
Association captive $750,000
Sponsored captive $1,000,000
Special purpose financial captive $250,000
Special purpose captive case by case

Key Features of Legislation

Like most domestic domiciles, South Carolina’s legislation is modeled after Vermont. A unique feature of its captive legislation has the Special Purpose Financial Captive, although this has been replicated by other onshore domiciles.

Specialty

South Carolina has targeted organizations with headquarters in the Southeastern US states, offering a strong alternative for those owners to Vermont. South Carolina has a broad spread of captive types after initially having a heavy concentration of Risk Retention Groups.

SRS Presence

SRS has been managing captives in South Carolina since 2003. In 2007, SRS established a physical presence in the state with the hiring of locally based South Carolina staff.