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Captive insurance company formations in South Carolina surged in 2015.
Last year, South Carolina licensed 30 captives, up from 20 in 2014 and just three in 2013.
The latest formations brought South Carolina's total captive count to 167, with that number to increase soon with two captives expected to be licensed next week, said Jay Branum, director of captives with the South Carolina Department of Insurance in Columbia.
“It was a great year,” and the outlook for 2016 is “very promising,” Mr. Branum said.
South Carolina lawmakers passed the state's captive statute in 2000.
The amount of money so-called microcaptives can elect to have be free of federal taxes has nearly doubled under tax extension legislation recently approved by Congress and signed into law by President Barack Obama.