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 confirms the Department's changes to Regulation 69-14, which include implementing a group capital calculation and liquidity stress test framework. These changes aim to enhance the Department's capabilities as a solvency regulator and ensure the continuity of essential services for insurers in receivership, as well as clarify the ownership of data and records related to insurers.

The proposed amendments are aligned with accreditation standards set by the National Association of Insurance Commissioners, which are crucial for the South Carolina Department of Insurance to maintain its accreditation. The resolution will take effect upon approval by the Governor, following its introduction on April 16, 2025.