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 for the appointment of a successor by the Governor in the event of a vacancy.

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 governance structure related to the Department of Insurance. The amendments include changes to the removal process of the director and the responsibilities associated with the position. 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