South Carolina Senate Bill 220

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 15 2025 - 25% progression
Action: 2025-01-29 - Scrivener's error corrected
Pending: Senate Banking and Insurance Committee
Text: Latest bill text (Draft #2) [HTML]

Amend The South Carolina Code Of Laws By Amending Section 38-21-10, Relating To Definitions, So As To Define Terms; By Amending Section 38-21-30, Relating To The Authority Of Insurers To Invest In Securities Of Subsidiaries, So As To Include Health Maintenance Organizations; By Amending Section 38-21-70, Relating To Contents Of Statements, So As To Further Explain The Requirements Of Reporting The Description Of Transactions; By Amending Section 38-21-90, Relating To Approval Of Commissioner Of Acquisition Of Control, So As To Require The Person Acquiring Control Of A Domestic Insurer To Maintain Or Restore Capital; By Amending Section 38-21-160, Relating To Information Which Need Not Be Disclosed In Registration Statements, So As To Designate That The Definition Does Not Apply For Other Purposes; By Amending Section 38-21-225, Relating To The Annual Enterprise Risk Report, So As To Identify Exemptions For Filing The Group Capital Calculation And To Require Filing Results Of The Liquidity Stress Test For Some Insurers; By Amending Section 38-21-250, Relating To Standards For Transactions Within Insurance Systems, So As To Outline Responsibilities Of The Director, Among Other Things; And By Amending Section 38-21-290, Relating To Confidential Information, So As To Require The Director To Keep Group Capital Calculations, Group Capital Ratio And Liquidity Stress Test Results, And Supporting Disclosures Confidential; And To Add References To Third-party Consultants.

Insurance Holding Company Regulatory Act

Sen. Ronnie Cromer [R]

Date	Chamber	Action
2025-01-29		Scrivener's error corrected
2025-01-15	Senate	Referred to Committee on Banking and Insurance
2025-01-15	Senate	Introduced and read first time

Chapter	Article	Section	Citation Type	Statute Text
38	21	10	(n/a)	See Bill Text
38	21	160	(n/a)	See Bill Text
38	21	225	(n/a)	See Bill Text
38	21	250	(n/a)	See Bill Text
38	21	290	(n/a)	See Bill Text
38	21	30	(n/a)	See Bill Text
38	21	70	(n/a)	See Bill Text
38	21	90	(n/a)	See Bill Text

Type	Source
Summary	https://www.scstatehouse.gov/billsearch.php?billnumbers=0220&session=126&summary=B
Text	https://www.scstatehouse.gov/sess126_2025-2026/prever/220_20250115.htm
Text	https://www.scstatehouse.gov/sess126_2025-2026/prever/220_20250129.htm
Supplement	https://www.scstatehouse.gov/sess126_2025-2026/fiscalimpactstatements/S0220%202025-01-15%20introduced.pdf