Bill
Bill > S0573
summary
Introduced
04/16/2025
04/16/2025
In Committee
Crossed Over
Passed
Dead
Introduced Session
126th General Assembly
Bill Summary
Approve Regulations Of The Department Of Insurance, Relating To Insurance Holding Company Systems, Designated As Regulation Document Number 5320, Pursuant To The Provisions Of Article 1, Chapter 23, Title 1 Of The South Carolina Code Of Laws.
AI Summary
This joint resolution approves specific regulations from the South Carolina Department of Insurance related to Insurance Holding Company Systems, designated as Regulation Document Number 5320. The regulation aims to implement a group capital calculation and liquidity stress test framework, which will provide additional supervisory tools for monitoring the financial health of insurance groups. The changes establish new provisions for receivership, ensuring the continuity of essential services and functions for insurers in receivership, and clarify ownership of data and records. These amendments are part of an accreditation standard from the National Association of Insurance Commissioners (NAIC) and are necessary for the South Carolina Department of Insurance to maintain its professional accreditation. The joint resolution will take effect upon approval by the Governor, and the Notice of Drafting was originally published in the State Register on August 23, 2024.
Committee Categories
Business and Industry
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Banking and Insurance (Senate)
Last Action
Recommitted to Committee on Banking and Insurance (on 01/14/2026)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.scstatehouse.gov/billsearch.php?billnumbers=0573&session=126&summary=B |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/573_20250416A.htm |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/573_20250416.htm |
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