Jay Seibels, Randy Collins, Ann West, Robert Johnson, Andrea Bartlett, Chuck Scherer, Rob
South Carolina Captive Insurance Association, Inc.
October 14, 2011, 9:30 AM– Teleconference
Board of Director’s Meeting Minutes
Participating: Ann West, Chairman; Robert Johnson, Tom Brumgardt, Andrea Bartlett, Rob Schmid, Jay Seibels, Randy Collins, Steve Dyer, Richard Davis, Annie Wessinger, Heather Smithand Laura Stuckey.
1.Call To Order
Chairman Ann West calledthe meeting to order at 9:33 AM.
2.Legislative Issues
Chairman Ann West stated the purpose of the special called Board of Directors teleconference was to discuss legislative issues as they relate to H.3414 and how to proceed. The meeting was turned over to Tom Brumgardt who laid out the history, variables and thoughts of progression.
Gwen McGriff of DOI has met with members of the SCCIA in regards to the DOI’s comments of H.3414, which were viewed but a hard copy was not shared. The comments of DOI were very detailed in an attempt to dredge into the minutia of the bill. It will put many restrictions on the intent of the bill and may do more harm than good. DOI has stated they would assist with the bill and making comments, however this has not been a priority for DOI therefore other options should be considered.
For consideration, Tom Brumgardt stated an idea is to ask DOI if they would support legislation identical to the DC statute. The reason to ask is this is a good piece of legislation, it has already passed in another state and it has the potential to have a positive affect on the captive industry in SC. It could make South Carolina more competitive as it relates to other domiciles. This would simplify the current process also.
Secondly, includion of the elimination of the Certificate of General Good as well as expansion of the special purpose captives could be included.
Discussion ensued as to whether the association should continue to push through the current bill, continue meeting with Gwen and DOI to get some agreeable and work through with Thomas. The Governor has stated her support of captives in South Carolina, therefore the Governor could be called upon to assist with any reluctance on behalf of DOI.
The DC statute is a better fit for potential language in South Carolina than Vermont. A second option is to meet with Gwen, thank her for her work on H.3414, and ask for review and consideration of support of language equal to the DC state language. This could prove to be a better option than continuing to work on a bill with excessive details and demands.
Discussion ensued as to the roles of the individuals within DOI, the restructuring and the new director. The SCCIA Board opted to not consider waiting through this session to see if the main opposition to this legislation loses his seat in the Senate.
Considering the options put forth, Ann West motioned to take the DC language to Gwen, thank her for her support and time with H.3414, and to please consider this as potential language for a new bill. Based on reaction we can tell which avenue we need to pursue, given the support of the Governor, the support of Director Black and support of legislators.
Steve and Tom were the original smaller group to meet with Gwen on issues relating to the bill. Due to the fact that a meeting has not been set up since September, Capitol Consultants will assist. Annie Wessinger will develop a plan for the Board to utilize in moving this action forward. This plan is to be completed by Wednesday, October 19, 2011, to be sent to the SCCIA Board. With approval Capitol Consultants will then move forward with setting up a meeting with DOI.
3.Adjournment
With there being no further business the meeting was adjourned at 10:45 AM.