58-46-23. Contribution to plan, pool, association, or guaranty or insolvency fund prohibited.

No captive insurance company may join or contribute financially to any plan, pool, association, or guaranty or insolvency fund in this state. No captive insurance company or its parent or affiliated entities may receive any benefit from any such plan, pool, association, or guaranty or insolvency fund for claims arising out of the operations of the captive insurance company.

Source: SL 1996, ch 287, § 23; SL 2013, ch 257, § 19.

58-46-23.1. Risk management services.

A pure or agency captive insurance company may enter into any arrangement to provide risk management services to a controlled unaffiliated business or an unaffiliated business but may not accept any insurance risk from an unaffiliated business. A trust captive insurance company may enter into any arrangement to provide risk management services to an affiliated entity and may accept insurance risk from an affiliated entity.

Source: SL 2009, ch 272, § 11; SL 2013, ch 257, § 20; SL 2015, ch 257, § 7.

58-46-23.2. Prohibited insurance risks.

A captive insurance company may not insure:

(1)    Any life or health risk; or

(2)    Any personal lines property casualty risk.

Source: SL 2013, ch 257, § 21.