SC H4675 | 2017-2018 | 122nd General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Republican 2-0)
Status: Passed on May 31 2018 - 100% progression
Action: 2018-05-31 - Act No. 251
Text: Latest bill text (Comm Sub) [HTML]
Spectrum: Partisan Bill (Republican 2-0)
Status: Passed on May 31 2018 - 100% progression
Action: 2018-05-31 - Act No. 251
Text: Latest bill text (Comm Sub) [HTML]
Summary
Remove References To Captive Reinsurance Companies, To Require A Captive Insurance Company To Possess And Maintain Free And Unimpaired Paid-in Capital, Surplus, Or A Combination Thereof And Establish Requirements, To Delete Certain Surplus References And Incorporation Requirements, To Provide The Provisions Of Chapter 90 Apply To Captive Insurance Companies Formed As A Mutual Insurer, To Establish Reporting Requirements For Captive Insurance Companies And Remove Certain Provisions, To Allow A Captive Insurance Company To Discount Its Loss And Loss Adjustment With Approval By The Director, To Establish Oversight Requirements For Risk Retention Groups And Captive Insurance Companies, To Allow For Certain Captive Insurance Companies To Make Loans To Its Parent Company And Affiliates With Approval By The Director, To Establish Standards For Aggregate Taxes For Protected Cells, To Allow The Director To Reduce Capital Requirements For An Inactive Captive Insurance Company, To Remove Certain Asset Requirements, And To Alter Participant Requirements For A Sponsored Captive Insurance Company; And To Repeal Article 5, Chapter 90, Title 38 Relating To The Coastal Captive Insurance Company Act
Title
Captive insurance companies
Sponsors
Roll Calls
2018-05-01 - Senate - Senate: 2nd Reading (Y: 41 N: 0 NV: 0 Abs: 1) [PASS]
2018-02-14 - House - House: Passage Of Bill (Y: 103 N: 0 NV: 16 Abs: 4) [PASS]
2018-02-14 - House - House: Passage Of Bill (Y: 103 N: 0 NV: 16 Abs: 4) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2018-05-31 | Act No. 251 | |
| 2018-05-30 | Effective date 05/18/18 | |
| 2018-05-18 | Signed By Governor | |
| 2018-05-14 | Ratified R 262 | |
| 2018-05-08 | Senate | Read third time and enrolled |
| 2018-05-01 | Senate | Roll call Ayes-41 Nays-0 |
| 2018-05-01 | Senate | Read second time |
| 2018-04-25 | Senate | Committee report: Favorable Banking and Insurance |
| 2018-02-15 | Senate | Referred to Committee on Banking and Insurance |
| 2018-02-15 | Senate | Introduced and read first time |
| 2018-02-15 | House | Read third time and sent to Senate |
| 2018-02-14 | Scrivener's error corrected | |
| 2018-02-14 | House | Roll call Yeas-103 Nays-0 |
| 2018-02-14 | House | Read second time |
| 2018-02-13 | House | Committee report: Favorable Labor, Commerce and Industry |
| 2018-01-24 | House | Referred to Committee on Labor, Commerce and Industry |
| 2018-01-24 | House | Introduced and read first time |
