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South Carolina
Marsh Management Services Inc.
Head of Office: Robert L. Johnson, Managing Director
Telephone: 843-577-1030
Sales Coordinators: Robert L. Johnson, Linda Danna, Gavin Foggon
Office Address
151 Meeting Street
Suite 301
Charleston, SC 29401
United States |
Telephone: 843-577-1026
Facsimile: 843-577-1027 |
Mailing Address
Marsh Management Services Inc.
151 Meeting Street
Suite No. 301
Charleston, SC 29401
United States
General Information
| Location |
South Carolina is located in the southeastern United States. |
| Accessibility |
Frequent direct air transportation to Charleston, South Carolina is available by direct flight from Atlanta, Charlotte, Chicago, Cincinnati, Dallas, Detroit, Ft. Lauderdale, Houston, New York, Orlando, Philadelphia, Raleigh, Tampa and Washington, D.C. |
| Applicable Legislation |
The South Carolina Code of Laws, Title 38-90 |
| Number of Captives |
163 as of 31-Dec-2008 |
| Regulatory Agency |
South Carolina Department of Insurance, Alternative Risk Transfer Services Division |
Regulatory Issues
| Acceptable Insurance Subsidiaries |
Pure, Industrial Insured (including Risk Retention Groups), Special Purpose Captive, Special Purpose Financial Captive, Association, Sponsored and Branch |
| Acceptable Corporate Forms |
Stock, Mutual, Reciprocal and Limited Liability Company |
| Permitted Business |
All Commercial Lines |
| Direct Insurance Permitted |
Related and "Controlled" Unrelated Risk |
| Reinsurance Permitted |
Related and "Controlled" Unrelated Risk |
| Policy Form and Rate Approval |
Not required |
| Local Office Requirement |
Principal Place of Business
One Board of Directors Meeting Annually in South Carolina
One Resident Director |
Capitalization & Solvency Requirements
| Entity |
Minimum
Capital |
Minimum
Surplus |
Total Capitalization
(Cash or Letter of Credit) |
Stock
Pure Industrial Insured and RRG's |
$100,000
$200,000 |
$150,000
$300,000 |
$250,000
$500,000
|
| Association |
$400,000 |
$350,000 |
$750,000 |
Mutual
Industrial Insured
Association |
|
$500,000
$750,000 |
$500,000
$750,000 |
| Reciprocal |
|
$1,000,000 |
$1,000,000 |
| Solvency |
No formal solvency requirements exist, however a general benchmark is minimum of $1 of surplus for every $3-$5 of net written premium, depending on financial strength of, and risk retained by, the captive. Also, Risk Retention Groups are subject to minimum capitalization of $500,000. |
| Premium Taxes |
Premium tax on direct premiums |
Premium tax on reinsurance premiums |
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0.400% on first $20 million
0.300% on next $20 million
0.200% on next $20 million
0.075% thereafter
(subject to a minimum of $5,000 combined direct and reinsurance premiums)
(subject to a maximum of $100,000 combined direct and reinsurance premiums) |
0.225% on first $20 million
0.150% on next $20 million
0.050% on next $20 million
0.025% thereafter
(subject to a minimum of $5,000 combined direct and reinsurance premiums)
(subject to a maximum of $100,000 combined direct and reinsurance premiums) |
| Intercompany Loans |
Captives may lend funds in excess of the minimum capitalization requirements subject to regulatory approval. |
| Investment Restrictions |
Admitted market restrictions apply to Association captives and RRG's. No restrictions for Pure or non-RRG Industrial Insureds. |
| Taxation |
Income generated by the captive will be subject to the federal tax rate of the captive parent (assuming the parent is U.S. based); otherwise, the captive income will initially be subject to the US federal rate and consolidated at the rate of the foreign parent. No South Carolina State Income tax applies to captive profits. |
| Reporting Requirements |
Pure and Industrial Insured - GAAP Financial Statements, South Carolina Annual Statement
Association and RRG - NAIC Blank
Audited Financials
Certified Loss Reserves
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