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 that these regulations have been submitted to the General Assembly in accordance with Article 1, Chapter 23, Title 1 of the South Carolina Code of Laws. Upon approval by the Governor, the resolution will take effect.

The proposed changes to Regulation 69-14 aim to implement a group capital calculation and liquidity stress test framework, enhancing the Department's capabilities as a solvency regulator for conducting group-wide supervision. Additionally, the amendments will establish receivership provisions to ensure that essential services and functions are maintained for insurers in receivership by affiliated entities, while also clarifying the ownership of data and records related to the insurer. These changes are necessary for the South Carolina Department of Insurance to maintain its accreditation with the National Association of Insurance Commissioners.