South Carolina § 38-90-70 - Reports.

§ 38-90-70. Reports.

(A) A captive insurance company may not be required to make an annual report except as provided in this chapter. The director has the authority to waive or grant an extension to the requirements of this section.

(B)(1) A captive insurance company shall submit annually to the director a report of its financial condition, verified by oath of two of its executive officers. The report must be submitted no later than March first for risk retention groups and no later than July first for all other captive insurance companies.

(2) A captive insurance company, other than a risk retention group, may make a written application to file the annual report on a fiscal year end that is consistent with the parent company's fiscal year end. If an alternative date is granted, the:

(a) income statement and premium schedule of the annual report must be filed before March first of each year for each calendar year-end, verified by oath of two of its executive officers; and

(b) entire annual report must be filed no more than one-hundred-eighty days after the fiscal year end, except as otherwise approved by the director.

(C) In addition to the annual report, a branch captive insurance company shall file with the director a copy of all reports and statements required to be filed under the laws of the jurisdiction in which the alien or foreign captive insurance company is formed, verified by oath of two of its executive officers. The reports and statements of the alien or foreign captive insurance company must be submitted within one-hundred-eighty days after the fiscal year end of the alien or foreign captive insurance company except as otherwise approved by the director. If the director finds that the reports and statements filed by the alien or foreign captive insurance company in its domiciliary jurisdiction provides adequate information concerning the financial condition of the alien or foreign captive insurance company to satisfy the laws of this State, the director may waive the requirement for completion of the Captive Annual Report for business written in the alien or foreign jurisdiction.

(D) Except as provided in Section 38-90-40, a captive insurance company shall report using generally accepted accounting principles, unless the director approves the use of statutory accounting principles, with useful or necessary modifications or adaptations required or approved or accepted by the director for the type of insurance and kinds of insurers to be reported upon, and as supplemented by additional information required by the director. Except as otherwise provided, an association captive insurance company, an industrial insured group, and a risk retention group shall file its report in the form and manner required by Section 38-13-80, and each industrial insured group and each risk retention group shall comply with the requirements provided for in Section 38-13-85. The director by regulation shall prescribe the forms in which all other captive insurance companies shall report. Information submitted pursuant to this section is confidential as provided in Section 38-90-35, except for reports submitted by a risk retention group.

HISTORY: 2000 Act No. 331, SECTION 1; 2001 Act No. 58, SECTION 9, eff May 29, 2001; 2002 Act No. 228, SECTION 13, eff May 1, 2002; 2004 Act No. 291, SECTION 23, eff July 29, 2004; 2009 Act No. 28, SECTION 6, eff June 2, 2009; 2010 Act No. 217, SECTION 10, eff June 7, 2010; 2014 Act No. 282 (S.909), SECTION 11, eff June 10, 2014; 2018 Act No. 251 (H.4675), SECTION 1, eff May 18, 2018; 2025 Act No. 62 (S.210), SECTION 6, eff May 22, 2025.

Effect of Amendment

2014 Act No. 282, SECTION 11, in subsection (B), substituted "insurance company, an industrial insured group, and a captive insurance company formed as a risk retention group" for "insurance company and an industrial insured group" in the third sentence; inserted "and each captive insurance company formed as a risk retention group" in the fourth sentence; and made other nonsubstantive changes.

2018 Act No. 251, SECTION 1, rewrote the section.

2025 Act No. 62, SECTION 6, in (B)(1)(b) and in the second sentence of (C), substituted "one-hundred-eighty days" for "sixty days"; in (C), inserted "or foreign" following "alien" six times; in (D), in the third sentence, substituted "all other captive insurance companies" for "pure captive insurance companies and industrial insured captive insurance companies".