The bill, S. 573, is a joint resolution introduced in the South Carolina Senate to approve regulations proposed by the Department of Insurance concerning Insurance Holding Company Systems, specifically designated as Regulation Document Number 5320. The resolution aims to implement a group capital calculation and liquidity stress test framework, which will provide the Department with enhanced tools for conducting group-wide supervision as a solvency regulator. Additionally, the proposed changes will establish receivership provisions to ensure that essential services and functions are maintained for insurers in receivership by affiliated entities, and will clarify the ownership of data and records related to the insurer.

The approval of these regulations is necessary for the South Carolina Department of Insurance to maintain its accreditation with the National Association of Insurance Commissioners. The joint resolution will take effect upon approval by the Governor. The Notice of Drafting for these changes was published in the State Register on August 23, 2024.