Bill > H4789

This bill amends South Carolina's insurance law to establish May 1st as the annual deadline for group capital calculation filings by insurance holding company systems. The bill specifies several exemptions for filing the group capital calculation, including systems with only one domestic insurer, those regulated by the Federal Reserve Board, systems with non-U.S. group-wide supervisors in reciprocal jurisdictions, and systems that provide sufficient financial information to meet NAIC (National Association of Insurance Commissioners) standards. The legislation allows the lead state commissioner discretion to require filings for non-U.S.-based insurance holding company systems when deemed necessary for prudential oversight or marketplace competitiveness. The bill also provides flexibility for commissioners to exempt certain systems from filing or accept limited filings based on specified criteria, and establishes a mechanism for systems that no longer qualify for exemption to file their group capital calculation at the next annual filing date. The purpose of these group capital calculations is to provide regulatory oversight and monitor the financial health of insurance holding company systems across state and potentially international boundaries.

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https://www.scstatehouse.gov/billsearch.php?billnumbers=4789&session=126&summary=B