The bill H. 4789 proposes an amendment to Section 38-21-225 of the South Carolina Code of Laws, which pertains to the annual group capital calculation filing deadline under the Insurance Holding Company Regulatory Act. The amendment establishes May first as the new deadline for insurers to file their annual group capital calculation concurrently with their registration, as directed by the lead state commissioner. This filing must adhere to the National Association of Insurance Commissioners (NAIC) Group Capital Calculation instructions, which may allow a controlling person other than the ultimate controlling person to submit the calculation.

Additionally, the bill outlines various exemptions from the group capital calculation filing requirement for certain insurance holding company systems, including those with only one insurer, those required to perform a calculation by the Federal Reserve Board, and those supervised by non-U.S. authorities in reciprocal jurisdictions. The lead state commissioner retains discretion to exempt certain entities from filing or to accept limited filings based on specified criteria. The act will take effect upon the Governor's approval.

Statutes affected:
12/17/2025: 38-21-225
Latest Version: 38-21-225