NU Online News Service, June 17, 2:10 p.m. EDT
Risk retention groups (RRGs) have an extra 15 business days, until July 15, to comply with holding company requirements and register with the state, if necessary, according to the South Carolina Department of Insurance.
“This is an extension of 15 days to determine if they meet the requirements of a holding company,” a department spokesperson said.
If an RRG does qualify as a holding company, it must register with the department.
A memorandum from the department, dated June 16, said that each insurer subject to registration under the Holding Company Act (S. 1224) must register with the South Carolina Department of Insurance.
A holding or parent company is a company with controlling shares in other companies.
The registration of RRGs would have been June 22, but the department said it extended the date to July 15 to give RRGs additional time to determine whether they are in compliance with the Act.
According to the memo, South Carolina’s captive insurance laws were amended as required by new accreditation standards by the National Association of Insurance Commissioners.
The department said that any questions should be submitted to Leslie Jones, deputy director, Actuarial, Market & Alternative Risk Transfer Services, with the S.C. Department of Insurance, by e-mail at email@example.com.