South Carolina licensed 20 new captives in 2014, bringing the domicile’s total number to 158.
This is a significant improvement from 2013, in which South Carolina licensed only three new captives.
“The state made significant improvements to attract new captives last year, including streamlining the application process,” said Megan Ogden, director of operations for JLT Towner Insurance Management’s South Carolina office.
“The willingness to fine-tune regulations and the insurance department’s continued dedication will, I believe, continue to attract captives in the coming year.”
The introduction of incorporated cell structures was also among the changes South Carolina adopted in 2014.
According to JLT Insurance Management, this legislation was designed to give South Carolina equal footing with the top domiciles in the middle market sector.
