Terms Used In South Carolina Code 38-90-225

• Association: means a legal association of individuals, corporations, limited liability companies, partnerships, political subdivisions, or associations:
  
  (a) the member organizations of which collectively, or which does itself:
  
  (i) own, control, or hold with power to vote all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer or organized as a limited liability company; or
  
  (ii) have complete voting control over an association captive insurance company organized as a mutual insurer; or
  
  (b) the member organizations of which collectively constitute all of the subscribers of an association captive insurance company formed as a reciprocal insurer. See South Carolina Code 38-90-10
• Captive insurance company: means a pure captive insurance company, association captive insurance company, sponsored captive insurance company, special purpose captive insurance company, risk retention group, or industrial insured captive insurance company formed or licensed under this chapter. See South Carolina Code 38-90-10
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Director: means the Director of the South Carolina Department of Insurance or the director's designee. See South Carolina Code 38-90-10
• insurance: includes annuities. See South Carolina Code 38-1-20
• Insurance company: means an "insurer". See South Carolina Code 38-1-20
• Participant: means an entity as defined in § 38-90-240, and any affiliates of that entity, that are insured by a sponsored captive insurance company, where the losses of the participant are limited through a participant contract to the assets of a protected cell. See South Carolina Code 38-90-10
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Risk retention group: means a captive insurance company formed under the Liability Risk Retention Act of 1986, 15 U. See South Carolina Code 38-90-10
• Sponsor: means an entity that is approved by the director to provide all or part of the capital and surplus required by applicable law and to organize and operate a sponsored captive insurance company. See South Carolina Code 38-90-10
• Sponsored captive insurance company: means a captive insurance company:
  
  (a) in which the minimum capital and surplus required by applicable law is provided by one or more sponsors;
  
  (b) that is formed or licensed under this chapter;
  
  (c) that segregates liability through one or more protected cells; and
  
  (d) that insures the risks of participants through participant contracts. See South Carolina Code 38-90-10