S 0220 by Cromer
S 0220
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill amends the South Carolina Insurance Holding Company Regulatory Act to strengthen oversight of insurance companies and their holding companies. Specifically, it clarifies definitions related to affiliates and subsidiaries, updates investment restrictions, and enhances reporting requirements for risk assessments and liquidity testing. The bill aims to improve the stability and solvency of the insurance industry in South Carolina by increasing regulatory scrutiny and transparency.
Key provisions
- Defines ‘affiliate’ and ‘subsidiary’ to include entities with control or common control.
- Expands investment restrictions to include affiliates and subsidiaries.
- Requires insurers to maintain or restore capital if acquiring control of a domestic insurer.
- Modifies reporting requirements for statements, including enhanced explanations of transactions.
- Updates annual enterprise risk reporting, including exemptions for certain groups and liquidity stress test filing requirements.
- Strengthens confidentiality requirements for group capital calculations and liquidity stress test results.
- Adds definitions related to insurance holding company systems and internationally active insurance groups.
- Clarifies the scope of the director’s authority and responsibilities.
Who is affected
- Insurance companies
- Insurance holding companies
- Financial regulators
Bill text
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Sponsors
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1 on record
Primary sponsor
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