The bill H. 3487 proposes significant changes to the governance of the South Carolina Department of Insurance by establishing that the Director of the Department will be elected by the qualified electors of the state during the general election, starting with the 2028 statewide election process. The bill outlines the qualifications for the director, including a minimum age of thirty and the prohibition of holding any other public office while serving. It also stipulates that the director cannot accept campaign contributions from regulated insurance entities. Additionally, the bill provides that any vacancy in the director's position will be filled by the Governor for the remainder of the term.

To implement these changes, the bill amends several sections of the South Carolina Code of Laws. Notably, it deletes the current appointment process for the director and related provisions regarding the removal of the director. The definition of "director" is also updated to reflect the new election process. The bill ensures that the current director will continue to serve until a successor is elected and qualified, with the act taking effect on January 1, 2028.

Statutes affected:
12/05/2024: 38-3-105, 1-30-10, 38-1-20, 38-3-10, 38-3-100
02/07/2025: 38-3-105, 1-30-10, 38-1-20, 38-3-10, 38-3-100
Latest Version: 38-3-105, 1-30-10, 38-1-20, 38-3-10, 38-3-100