South Carolina sets captive management standards
– 21 December 2007
South Carolina Department of Insurance director Scott Richardson has proposed a Bulletin establishing clear standards for captive management companies in South Carolina.
The proposals include specific requirements for character, reputation, financial responsibility and insurance experience.
“For years there has been discussion over standards of regulation for captive insurance companies,” Richardson said. “Clearly, the success of captives starts with maintaining the highest standards for captive management companies. With this bulletin there can be no doubt about what we expect from captive management in South Carolina.”
South Carolina regulators hope that the standards will become accepted industry practice.
Managers will have 30 days to comment. Upon signature of the Director, the standards will be obligatory for all existing managers and future management companies.
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