Licensing a Captive

Captives and Risk Retention Groups: Domestic
  1. Application [pdf 136k]
  2. Complete the application and business plan in full and submit two copies to the Department. These should be organized and separated by section. If a particular section or subsection is not required, applicable or executed, include a written explain.
  3. Fees
    • $200 Application Fee
    • $300 Initial License Fee
    • $3,200 Review Fee
    All checks should be made payable to the South Carolina Department of Insurance.  The application fee in non-refundable.
  4. Application to Certify Aggregate Reserves
  5. Application to Act as Independent CPA [pdf 59k] (for other than SPFC captives) 
  6. Cover Letter
  7. The cover letter should provide a complete overview of the parent company, background information on the parent and captive companies, coverages to be provided by the captive, service providers, capital, surplus, etc.  Please also indicate the proposed date the captive needs to be licensed.
  8. Captives Bio Affidavit [pdf 176k]
  9. Letter of Credit
  10. Letter of Credit Instructions [pdf]
    Sample letter of credit for captives [pdf]
  11. Consent to Service of Process [pdf 11k]
  12. Captive Form A Filing for Mergers [pdf 271k]
  13. NAIC Company Code Application [pdf 97k]
Special Purpose Financial Captives
  1. Application
  2. The application will be provided by the Department once the Certifcate of General Good has been issued to the company.
  3. Fees
    • $12,000 Application Fee - Half of the application fee is due when the application is submitted and the remainder will be due once the company is licensed.
    • $200 Processing Fee - The processing fee is non-refundable.
    • $300 Licensing Fee - The licensing fee is $300 for the year of licensure and $500 annually thereafter.
    • $2,400 Annual Review Fee, or actual cost if higher.
    • Miscellaneous fees assessed during the review process (i.e. external reviews)
    • All checks should be made payable to the South Carolina Department of Insurance.
  4. Application to Certify Aggregate Reserves [pdf 57k]
  5. This form is required only if the actuary is not on the approved South Carolina list of approved actuaries.
  6. Application to Act as an Independent CPA [pdf 51k]
  7. This form is required only if the actuary is not on the approved South Carolina list of approved certified public accountants.
  8. NAIC Biographical Affidavit [pdf 104k]
  9. Consent to Service of Process [pdf 123k]
  10. Captive Form A Filing for Mergers [pdf 271k]