The bill S. 220 seeks to amend the South Carolina Code of Laws to enhance the regulatory framework governing insurance holding companies. Key amendments include redefining terms in Section 38-21-10, incorporating health maintenance organizations into the investment authority of insurers in Section 38-21-30, and establishing requirements for individuals acquiring control of domestic insurers to maintain or restore capital as outlined in Section 38-21-90. The bill also emphasizes the director's responsibilities regarding insurance transactions and mandates confidentiality for certain financial calculations and stress test results in Section 38-21-290. Additionally, it revises the annual enterprise risk report requirements in Section 38-21-225, allowing exemptions for specific insurance holding company systems from filing group capital calculations.

Moreover, the bill sets standards for transactions within insurance holding company systems in Section 38-21-250, ensuring fairness and transparency while maintaining the confidentiality of documents obtained during regulatory examinations. It clarifies that the group capital calculation and liquidity stress test are regulatory tools for risk assessment and prohibits misleading representations in public communications. The bill also establishes that sharing information by the director does not delegate regulatory authority and maintains the confidentiality of documents held by the National Association of Insurance Commissioners (NAIC). Overall, these amendments aim to strengthen oversight, protect policyholders' interests, and ensure the financial stability of insurers in South Carolina. The act will take effect upon the Governor's approval.

Statutes affected:
01/15/2025: 38-21-10, 38-21-30, 38-21-70, 38-21-90, 38-21-160, 38-21-225, 38-21-250, 38-21-290
01/29/2025: 38-21-10, 38-21-30, 38-21-70, 38-21-90, 38-21-160, 38-21-225, 38-21-250, 38-21-290
03/04/2025: 38-21-10, 38-21-30, 38-21-70, 38-21-90, 38-21-160, 38-21-225, 38-21-250, 38-21-290
03/05/2025: 38-21-10, 38-21-30, 38-21-70, 38-21-90, 38-21-160, 38-21-225, 38-21-250, 38-21-290
04/01/2025: 38-21-10, 38-21-30, 38-21-70, 38-21-90, 38-21-160, 38-21-225, 38-21-250, 38-21-290
04/03/2025: 38-21-10, 38-21-30, 38-21-70, 38-21-90, 38-21-160, 38-21-225, 38-21-250, 38-21-290
04/30/2025: 38-21-10, 38-21-30, 38-21-70, 38-21-90, 38-21-160, 38-21-225, 38-21-250, 38-21-290
Latest Version: 38-21-10, 38-21-30, 38-21-70, 38-21-90, 38-21-160, 38-21-225, 38-21-250, 38-21-290