The bill H. 4792 aims to amend the South Carolina Code of Laws by increasing penalties for violations of state and federal insurance laws, specifically targeting insurers, pharmacy benefits managers, and health maintenance organizations. Under the proposed changes to Section 38-2-10, the maximum fine for these entities would rise from $15,000 to $25,000, and for willful violations, the fine would increase from $32,500 to $350,000. Additionally, the authority to suspend or revoke the violator's business operations in the state remains intact.

Furthermore, the bill amends Section 38-71-2210 to raise the application and renewal fees for pharmacy benefits managers. The initial application fee would increase from $1,000 to $25,000, while the annual renewal fee would rise from $500 to $10,000. The amendments also specify the information that must be collected in the application process, including details about management, ownership, and any relevant legal history of the applicants. This act will take effect upon approval by the Governor.

Statutes affected:
12/17/2025: 38-2-10, 38-71-2210
Latest Version: 38-2-10, 38-71-2210