Bill > H4788

This bill amends Section 38-90-160(C) of the South Carolina Code to clarify the applicability of certain insurance-related laws to risk retention groups. Specifically, the bill specifies that a wide range of statutory provisions related to insurance, including sections covering data security, licensing, examinations, financial requirements, and other regulatory aspects, fully apply to risk retention groups (which are specialized insurance companies that allow businesses in similar industries to obtain liability insurance). If there is any conflict between these referenced code sections and the existing chapter on risk retention groups, the referenced sections will take precedence. The bill is technical in nature and appears to be aimed at ensuring comprehensive regulatory oversight of risk retention groups by explicitly stating which existing insurance laws and regulations apply to them. The bill will take effect immediately upon receiving the Governor's approval.

Business and Industry

https://www.scstatehouse.gov/billsearch.php?billnumbers=4788&session=126&summary=B