Fabio
77 lines
7.0 KiB
Markdown
77 lines
7.0 KiB
Markdown
---
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type: "Bill"
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title: "AN ACT TO AMEND ARTICLE 1, CHAPTER 90, TITLE 38, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CAPTIVE INSURANCE COMPANIES, SO AS TO REMOVE REFERENCES TO CAPTIVE REINSURANCE COMPANIES, TO REQUIRE A CAPTIVE INSURANCE COMPANY TO POSSESS AND MAINTAIN FREE AND UNIMPAIRED PAID-IN CAPITAL, SURPLUS, OR A COMBINATION THEREOF AND ESTABLISH REQUIREMENTS, TO DELETE CERTAIN SURPLUS REFERENCES AND INCORPORATION REQUIREMENTS, TO PROVIDE THE PROVISIONS OF CHAPTER 90 APPLY TO CAPTIVE INSURANCE COMPANIES FORMED AS A MUTUAL INSURER, TO ESTABLISH REPORTING REQUIREMENTS FOR CAPTIVE INSURANCE COMPANIES AND REMOVE CERTAIN PROVISIONS, TO ALLOW A CAPTIVE INSURANCE COMPANY TO DISCOUNT ITS LOSS AND LOSS ADJUSTMENT WITH APPROVAL BY THE DIRECTOR, TO ESTABLISH OVERSIGHT REQUIREMENTS FOR RISK RETENTION GROUPS AND CAPTIVE INSURANCE COMPANIES, TO ALLOW FOR CERTAIN CAPTIVE INSURANCE COMPANIES TO MAKE LOANS TO ITS PARENT COMPANY AND AFFILIATES WITH APPROVAL BY THE DIRECTOR, TO ESTABLISH STANDARDS FOR AGGREGATE TAXES FOR PROTECTED CELLS, TO ALLOW THE DIRECTOR TO REDUCE CAPITAL REQUIREMENTS FOR AN INACTIVE CAPTIVE INSURANCE COMPANY, TO REMOVE CERTAIN ASSET REQUIREMENTS, AND TO ALTER PARTICIPANT REQUIREMENTS FOR A SPONSORED CAPTIVE INSURANCE COMPANY; AND TO REPEAL ARTICLE 5, CHAPTER 90, TITLE 38 RELATING TO THE COASTAL CAPTIVE INSURANCE COMPANY ACT. - ratified title"
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description: "AN ACT TO AMEND ARTICLE 1, CHAPTER 90, TITLE 38, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CAPTIVE INSURANCE COMPANIES, SO AS TO REMOVE REFERENCES TO CAPTIVE REINSURANCE COMPANIES, TO REQUIRE A CAPTIVE INSURANCE COMPANY TO POSSESS AND MAINTAIN FREE AND UNIMPAIRED PAID-IN CAPITAL, SURPLUS, OR A COMBINATION THEREOF AND ESTABLISH REQUIREMENTS, TO DELETE CERTAIN SURPLUS REFERENCES AND INCORPORATION REQUIREMENTS, TO PROVIDE THE PROVISIONS OF CHAPTER 90 APPLY TO CAPTIVE INSURANCE COMPANIES FORMED AS A MUTUAL INSURER, TO ESTABLISH REPORTING REQUIREMENTS FOR CAPTIVE INSURANCE COMPANIES AND REMOVE CERTAIN PROVISIONS, TO ALLOW A CAPTIVE INSURANCE COMPANY TO DISCOUNT ITS LOSS AND LOSS ADJUSTMENT WITH APPROVAL BY THE DIRECTOR, TO ESTABLISH OVERSIGHT REQUIREMENTS FOR RISK RETENTION GROUPS AND CAPTIVE INSURANCE COMPANIES, TO ALLOW FOR CERTAIN CAPTIVE INSURANCE COMPANIES TO MAKE LOANS TO ITS PARENT COMPANY AND AFFILIATES WITH APPROVAL BY THE DIRECTOR, TO ESTABLISH STANDARDS FOR AGGREGATE TAXES FOR PROTECTED CELLS, TO ALLOW THE DIRECTOR TO REDUCE CAPITAL REQUIREMENTS FOR AN INACTIVE CAPTIVE INSURANCE COMPANY, TO REMOVE CERTAIN ASSET REQUIREMENTS, AND TO ALTER PARTICIPANT REQUIREMENTS FOR A SPONSORED CAPTIVE INSURANCE COMPANY; AND TO REPEAL ARTICLE 5, CHAPTER 90, TITLE 38 RELATING TO THE COASTAL CAPTIVE INSURANCE COMPANY ACT. - ratified title"
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jurisdiction: "us/states/sc"
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legislature: "South Carolina General Assembly"
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session: "2017-2018"
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identifier: "H 4675"
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citation: "South Carolina H 4675 (2017-2018)"
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classification: ["bill"]
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subjects: []
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status: "enacted"
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primary_sponsors: ["Sandifer", "Spires"]
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version_count: 4
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action_count: 17
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vote_count: 2
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first_action: "2018-01-24"
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last_action: "2018-05-31"
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source: "openstates"
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source_identifier: "ocd-bill/d387882e-23c2-4a84-8d6d-16e93a3c48db"
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source_url: "http://www.scstatehouse.gov/billsearch.php?billnumbers=4675&session=122&summary=B"
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source_hash: "df41b7521bc37954325d5d8c575b7a63e6f42aa4301fc6ccf96bdbe772d02715"
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vintage: "2026-07-01"
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source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
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retrieved_at: "2026-07-06"
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confidence: "reported"
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tags: ["legislation", "bill", "us-sc"]
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---
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# South Carolina H 4675 (2017-2018) — AN ACT TO AMEND ARTICLE 1, CHAPTER 90, TITLE 38, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CAPTIVE INSURANCE COMPANIES, SO AS TO REMOVE REFERENCES TO CAPTIVE REINSURANCE COMPANIES, TO REQUIRE A CAPTIVE INSURANCE COMPANY TO POSSESS AND MAINTAIN FREE AND UNIMPAIRED PAID-IN CAPITAL, SURPLUS, OR A COMBINATION THEREOF AND ESTABLISH REQUIREMENTS, TO DELETE CERTAIN SURPLUS REFERENCES AND INCORPORATION REQUIREMENTS, TO PROVIDE THE PROVISIONS OF CHAPTER 90 APPLY TO CAPTIVE INSURANCE COMPANIES FORMED AS A MUTUAL INSURER, TO ESTABLISH REPORTING REQUIREMENTS FOR CAPTIVE INSURANCE COMPANIES AND REMOVE CERTAIN PROVISIONS, TO ALLOW A CAPTIVE INSURANCE COMPANY TO DISCOUNT ITS LOSS AND LOSS ADJUSTMENT WITH APPROVAL BY THE DIRECTOR, TO ESTABLISH OVERSIGHT REQUIREMENTS FOR RISK RETENTION GROUPS AND CAPTIVE INSURANCE COMPANIES, TO ALLOW FOR CERTAIN CAPTIVE INSURANCE COMPANIES TO MAKE LOANS TO ITS PARENT COMPANY AND AFFILIATES WITH APPROVAL BY THE DIRECTOR, TO ESTABLISH STANDARDS FOR AGGREGATE TAXES FOR PROTECTED CELLS, TO ALLOW THE DIRECTOR TO REDUCE CAPITAL REQUIREMENTS FOR AN INACTIVE CAPTIVE INSURANCE COMPANY, TO REMOVE CERTAIN ASSET REQUIREMENTS, AND TO ALTER PARTICIPANT REQUIREMENTS FOR A SPONSORED CAPTIVE INSURANCE COMPANY; AND TO REPEAL ARTICLE 5, CHAPTER 90, TITLE 38 RELATING TO THE COASTAL CAPTIVE INSURANCE COMPANY ACT. - ratified title
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## Version chain
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The bill's text revisions, in order — the diff chain from filing to enrollment.
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1. **1/24/2018** (committee substitute) — [source](http://www.scstatehouse.gov/sess122_2017-2018/prever/4675_20180124.htm)
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2. **2/13/2018** (committee substitute) — [source](http://www.scstatehouse.gov/sess122_2017-2018/prever/4675_20180213.htm)
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3. **2/14/2018** (committee substitute) — [source](http://www.scstatehouse.gov/sess122_2017-2018/prever/4675_20180214.htm)
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4. **4/25/2018** (committee substitute) — [source](http://www.scstatehouse.gov/sess122_2017-2018/prever/4675_20180425.htm)
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## Votes
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- Passage of Bill — **103–0** (pass) · lower
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- 2nd Reading — **41–0** (pass) · upper
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## Sponsors
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- Sandifer — primary (person)
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- Spires — primary (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2018-01-24** Introduced and read first time `introduction, reading-1`
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- **2018-01-24** Referred to Committee on Labor, Commerce and Industry `referral-committee`
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- **2018-02-13** Committee report: Favorable Labor, Commerce and Industry `committee-passage-favorable`
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- **2018-02-14** Read second time `reading-2`
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- **2018-02-14** Roll call Yeas-103 Nays-0
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- **2018-02-14** Scrivener's error corrected
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- **2018-02-15** Read third time and sent to Senate `passage, reading-3`
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- **2018-02-15** Introduced and read first time `introduction, reading-1`
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- **2018-02-15** Referred to Committee on Banking and Insurance `referral-committee`
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- **2018-04-25** Committee report: Favorable Banking and Insurance `committee-passage-favorable`
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- **2018-05-01** Read second time `reading-2`
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- **2018-05-01** Roll call Ayes-41 Nays-0
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- **2018-05-08** Read third time and enrolled `passage, reading-3`
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- **2018-05-14** Ratified R 262
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- **2018-05-18** Signed By Governor `executive-signature`
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- **2018-05-30** Effective date 05/18/18
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- **2018-05-31** Act No. 251
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## Source
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OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/d387882e-23c2-4a84-8d6d-16e93a3c48db`. Confidence: reported (aggregated from official South Carolina legislature records).
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