South Carolina § 38-90-175 - Captive Insurance Regulatory and Supervision Fund created; disbursements.

§ 38-90-175. Captive Insurance Regulatory and Supervision Fund created; disbursements.

(A) There is created a fund to be known as the "Captive Insurance Regulatory and Supervision Fund" for the purpose of providing the financial means for the director to administer Chapter 87 and Chapter 90 of this title and for reasonable expenses incurred in promoting the captive insurance industry in the State. The transfer of forty percent of the taxes collected by the department pursuant to Chapter 90 of this title, and all fees and assessments received by the department pursuant to the administration of this chapter must be credited to this fund. All fees received by the department from reinsurers who assume risk only from captive insurance companies, must be deposited into the Captive Insurance Regulatory and Supervision Fund. All fines and administrative penalties must be deposited directly into the South Carolina general fund.

(B) All payments from the Captive Insurance Regulatory and Supervision Fund for the maintenance of staff and associated expenses including contractual services as necessary, shall be disbursed from the state treasury only upon warrants issued by the director, after receipt of proper documentation regarding services rendered and expenses incurred.

HISTORY: 2002 Act No. 188, SECTION 1, eff March 12, 2002; 2006 Act No. 332, SECTION 19, eff June 1, 2006; 2018 Act No. 251 (H.4675), SECTION 1, eff May 18, 2018; 2025 Act No. 62 (S.210), SECTION 11, eff May 22, 2025.

Effect of Amendment

2018 Act No. 251, SECTION 1, reenacted the section with no apparent changes.

2025 Act No. 62, SECTION 11, in (A), in the second sentence, substituted "forty percent" for "twenty percent", and in the fourth sentence, inserted "South Carolina" preceding "general fund".