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 election cycle. 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 modifies the definitions and responsibilities associated with the role. The amendments also remove the requirement for the director to vacate the office if they become a candidate for public office or join a political committee during their tenure. The current director will continue to serve until a successor is elected and qualified, ensuring a smooth transition to the new electoral process. The act is set to take 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