Vital statistics:

Cell captive structures licensed in domicile (PCC, ICC, SAC etc):

Sponsored captives

Date cell captive legislation was passed:

2000

Name of cell captive law:

Protected Cell Insurance Companies

Total number of cell companies:

2

Total number of individual active cells:

27

Capitalisation requirements:

$1,000,000. Under certain cricumstances the amount of minimum capital and surplus may be reduced to $300,000.

Licensing Fees:

$300 first year, $500 renewal

Tax regime for cell companies/cells:

A captive insurance company shall pay to the department by 1 March of each year, a tax at the rate of four-tenths of one % on the first $20m dollars and three-tenths of one % on each dollar after that, up to a maximum tax of $100,000 dollars. Taxes are based on the direct premiums written or contracted for on policies or contracts of insurance written by the captive insurance company during the year ending 31 December next preceding, after deducting from the direct premiums subject to the tax the amounts paid to policyholders as return premiums which must include dividends on unabsorbed premiums or premium deposits returned or credited to policyholders.

Regulatory contact name:

Jeff Kehler, Program Manager, ARTS

Regulatory contact details:

Phone: 803-737-6118; Fax: 803-737-4976; E-mail: jkehler@doi.sc.gov ; Address: South Carolina Department of Insurance, 1201 Main Street, Suite 1000, Columbia, SC 29201; Website: www.doi.sc.gov

PCCs in South Carolina:

View manager contact details