Overview
South Carolina estiblished its captive legislation in 2000 and has become a leading US onshore domilice. At the end of 2010, South Carolina had 160 active captives making it the fourth largest onshore domicile behind Vermont, Utah and Hawaii.
Minimum Capital and Surplus
| Single parent captive | $250,000 |
| Group captive – industrial insured | $500,000 |
| Association captive | $750,000 |
| Reciprocal | $1,000,000 |
| Sponsored captive | $1,000,000 |
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.