South Carolina officials said they will propose standards for managers of captive insurance operations in the state including specific requirements for character, reputation, financial responsibility and insurance experience.

The Department of Insurance said in a statement that "Director Scott Richardson has proposed a bulletin establishing clear standards for captive management companies in South Carolina."

It was explained that the move is aimed at enhancing the state's reputation as "one of the fastest growing and most accessible and accommodating locations for the captive insurance industry in the U.S. and the world," and will lay the groundwork for future growth and success.

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