Bill S. 220 seeks to amend the South Carolina Code of Laws to enhance the regulatory framework governing insurance holding companies, particularly in relation to the Insurance Holding Company Regulatory Act. Key amendments include the definition of terms in Section 38-21-10, the inclusion of health maintenance organizations under investment authority in Section 38-21-30, and the requirement for individuals acquiring control of a domestic insurer to maintain or restore capital as specified in Section 38-21-90. The bill also clarifies reporting requirements for transactions in Section 38-21-70 and outlines the responsibilities of the director in Section 38-21-250, while ensuring that certain financial calculations and stress test results remain confidential as stated in Section 38-21-290.

Additionally, the bill introduces exemptions for filing group capital calculations and mandates the submission of liquidity stress test results for certain insurers, as detailed in Section 38-21-225. It establishes that the Financial Stability Task Force will review the Liquidity Stress Test Framework annually, with specific thresholds determining which insurers are included. The bill emphasizes the importance of maintaining stability in insurer classifications and sets standards for transactions within insurance holding company systems to ensure fairness and transparency. It also clarifies the confidentiality of documents obtained during regulatory examinations and prohibits misleading representations regarding group capital calculations and liquidity stress test results. Overall, these amendments aim to strengthen oversight and protect policyholders' interests while modernizing the regulatory framework to align with national standards.

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