SC S0210

Expands definitions to include "foreign captive insurance companies" alongside alien captive insurance companies, while prohibiting corporations controlled by "alien adversaries" (countries deemed adverse to U.S. national security) from forming captive insurance companies in South Carolina

Allows captive insurance companies to receive premiums, pay claims, and hold capital in specified non-U.S. currencies (excluding currencies of alien adversaries), with all payments to the department remaining in U.S. currency

Reduces board meeting requirements from a majority of directors physically present in South Carolina to a quorum with at least two board members physically present

Increases the transfer of collected taxes to the Captive Insurance Regulatory and Supervision Fund from 20% to 40% and extends the annual report filing deadline from 60 days to 180 days after fiscal year end

Makes examinations of captive insurance companies (other than risk retention groups or industrial insured companies) discretionary rather than mandatory, and allows sponsored captive insurance companies to file a single consolidated actuarial opinion covering all protected cells