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Friendly Society Restored
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The Friendly Society Restored

The Friendly Society Restored (TFSR) provides a forum for communication and resolution of common issues, facilitates education and serves as a resource for SCCIA members.   The SCCIA hosts Friendly Society Restored Breakfasts throughout the year in Charleston. 

The Friendly Society Restored gets its name from the original "Friendly Society" which was America's first insurance company and was based Charleston.  It was formed in 1735, but only lasted three years before the great conflagration of 1738 destroyed much of Charleston and caused the demise of the Friendly Society. Future Charleston insurance companies met their end in the winds of Hurricane Hugo. “It was true, we had no captive infrastructure to speak of and only a few traditional insurance companies to draw talent from as we embarked on the task of building a captive domicile”, said TFSR patriarch, John O’Brien.

Upcoming Meetings

 

October 13, 2017  
November 17, 2017

 

*Sponsorship Opportunity Available*

Click here for details.

December 7, 2017  

 

TFSR meetings are held at the Charleston Country Club (1 Country Club Drive;  Charleston, SC 29412).

 


A Salute to the Friendly Society Restored and those that Made it Possible 

When former governor Jim Hodges signed the captive law in June 2000, a small group was invited to the historic event. Because John O’Brien had already filed letters of incorporation for the first captive management company
in South Carolina, he was among the select invitees that were to be part of the new captive insurance industry in the domicile.

O’Brien recalls insurance director Ernie Csiszar’s immense enthusiasm as he listed three essentials for a successful captive domicile. The first was that South Carolina would need the right legislation and regulatory components supplemented with a qualified and forward-thinking alternative risk regulatory team. Secondly, South Carolina would need to be a place where business could be conducted in a pleasurable atmosphere. Csiszar’s third and final stated essential was that South Carolina would need to create sound infrastructure.

Years later, O’Brien remained confident that South Carolina’s legislation is a progressive and viable competitor with other domiciles. “We have had particular success in the enabling of special purpose vehicles for securitization of insurance risk,” says O’Brien. In his view, South Carolina has met the challenges of providing a consistent high-quality regulatory response and oversight to an aggressively growing captive industry.

South Carolinians feel confident they have achieved the vision of making South Carolina a pleasurable place to do business. “The importance of an attractive domicile cannot be overstated when appealing to potential captive. Form must follow function”, said O’Brien. He believed that the coastal Lowcountry already had a lot of to offer visitors in terms of hotels and shopping, the history and architecture, beaches, sailing, great golf, the finest resorts on the East Coast and all accompanied with the good manners and friendliness that are associated with South Carolina.

According to O’Brien, it made good sense for the captive industry to take advantage of and to enhance the appeal of the available services and amenities that were already being successfully administered by the local hospitality and tourism industry.

“Because of the support of the local governmental bodies we are finding that we are indeed becoming a world class captive domicile,” said O’Brien.

 

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Calendar

12/5/2017
Captive Academy 2017

Thank You Conference Sponsors!