Bill Commons

SC S 220

enacted

Insurance Holding Company Regulatory Act

South Carolina · 2026 Regular Session · upper

Description

AN ACT TO 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 BY COMMISSIONERS 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; 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; BY AMENDING SECTION 38-12-30, RELATING TO DEFINITIONS, SO AS TO ADD AFFILIATES AND SUBSIDIARIES TO THE DEFINITION OF "PERSON"; TO AMEND SECTION 38-12-220, RELATING TO RESTRICTIONS ON INVESTMENTS, SO AS TO INCLUDE AFFILIATES AND SUBSIDIARIES; AND BY AMENDING SECTION 38-12-430, RELATING TO ASSET LIMITATIONS FOR INSURER HOLDINGS, SO AS TO INCLUDE AFFILIATES AND SUBSIDIARIES. - RATIFIED TITLE

Introduced
2025-01-15
Status date
Latest action
2025-05-16 — Act No. 17
Bill type
bill
Last updated

Sponsors

  • Cromerprimary

Committees

Not provided by source.

Action timeline

  1. 2025-01-15

    Introduced and read first time

    introduction,reading-1

  2. 2025-01-15

    Referred to Committee on Banking and Insurance

    referral-committee

  3. 2025-01-29

    Scrivener's error corrected

  4. 2025-03-04

    Committee report: Favorable Banking and Insurance

    committee-passage-favorable

  5. 2025-03-05

    Scrivener's error corrected

  6. 2025-04-01

    Amended

    amendment-passage

  7. 2025-04-01

    Read second time

    reading-2

  8. 2025-04-01

    Roll call Ayes-43 Nays-0

  9. 2025-04-02

    Read third time and sent to House

    passage,reading-3

  10. 2025-04-03

    Scrivener's error corrected

  11. 2025-04-03

    Introduced and read first time

    introduction,reading-1

  12. 2025-04-03

    Referred to Committee on Labor, Commerce and Industry

    referral-committee

  13. 2025-04-30

    Committee report: Favorable Labor, Commerce and Industry

    committee-passage-favorable

  14. 2025-05-01

    Read second time

    reading-2

  15. 2025-05-01

    Roll call Yeas-87 Nays-13

  16. 2025-05-01

    Unanimous consent for third reading on next legislative day

  17. 2025-05-02

    Read third time and enrolled

    passage,reading-3

  18. 2025-05-06

    Ratified R 33

  19. 2025-05-08

    Signed By Governor

    executive-signature

  20. 2025-05-16

    Effective date 05/08/25

  21. 2025-05-16

    Act No. 17

Versions

Documents

Votes

  • 2nd Reading

    2025-04-01 · pass · 43-0

    Member-level votes (43)
    • Adams, Brian: yes
    • Alexander, Thomas C.: yes
    • Allen, Karl B.: yes
    • Bennett, Sean M.: yes
    • Blackmon, Allen: yes
    • Campsen, George E., III: yes
    • Cash, Richard J.: yes
    • Chaplin, JD: yes
    • Climer, Wes: yes
    • Corbin, Thomas D.: yes
    • Cromer, Ronnie W.: yes
    • Davis, Tom: yes
    • Elliott, Jason: yes
    • Fernandez, Tom: yes
    • Garrett, Billy: yes
    • Goldfinch, Stephen L.: yes
    • Graham, Jeffrey R.: yes
    • Grooms, Lawrence K.: yes
    • Hembree, Greg: yes
    • Hutto, Brad: yes
    • Jackson, Darrell: yes
    • Johnson, Michael: yes
    • Kennedy, Carlisle: yes
    • Kimbrell, Josh: yes
    • Leber, Matthew W.: yes
    • Martin, Shane R.: yes
    • Massey, A. Shane: yes
    • Matthews, Margie Bright: yes
    • Nutt, Roger A.: yes
    • Ott, Russell L.: yes
    • Peeler, Harvey S., Jr.: yes
    • Rankin, Luke A.: yes
    • Reichenbach, Mike: yes
    • Rice, Rex F.: yes
    • Sabb, Ronnie A.: yes
    • Stubbs, Everett: yes
    • Sutton, Ed: yes
    • Tedder, Deon T.: yes
    • Turner, Ross: yes
    • Verdin, Daniel B., III: yes
    • Williams, Kent M.: yes
    • Young, Tom, Jr.: yes
    • Zell, Jeff: yes
  • Passage of Bill

    2025-05-01 · pass · 87-13

    Member-level votes (122)
    • Alexander, Terry: yes
    • Anderson, Carl L.: yes
    • Atkinson, Lucas: yes
    • Bailey, William H.: yes
    • Ballentine, Nathan: yes
    • Bamberg, Justin T.: yes
    • Bauer, Heather: yes
    • Bernstein, Beth E.: yes
    • Bowers, Phillip: yes
    • Bradley, Jeff: yes
    • Brewer, Gary S., Jr.: yes
    • Brittain, Thomas C., Jr.: yes
    • Bustos, Joseph M.: yes
    • Caskey, Micajah P., IV: yes
    • Chapman, Donald G.: yes
    • Cobb-Hunter, Gilda: yes
    • Collins, Neal A.: yes
    • Cox, Bobby J.: yes
    • Cox, Brandon L.: yes
    • Crawford, Heather Ammons: yes
    • Davis, Sylleste H.: yes
    • Dillard, Chandra E.: yes
    • Duncan, Adam L.: yes
    • Forrest, Cally R., Jr.: yes
    • Gagnon, Craig A.: yes
    • Garvin, Kambrell H.: yes
    • Gatch, Gil: yes
    • Gibson, Daniel: yes
    • Gilliard, Wendell G.: yes
    • Grant, Hamilton R.: yes
    • Guest, Thomas Duval, Jr.: yes
    • Guffey, Brandon: yes
    • Haddon, Patrick B.: yes
    • Hager, William: yes
    • Hartnett, Thomas F., Jr.: yes
    • Hartz, Charles V.: yes
    • Hayes, Jackie E.: yes
    • Henderson-Myers,, Rosalyn D., Ph.D. Herbkersman, William G.: yes
    • Hewitt, Lee: yes
    • Hiott, David R.: yes
    • Hixon, William M.: yes
    • Holman, Harriet A.: yes
    • Johnson, Jeffrey E.: yes
    • Johnson, Jermaine L., Sr.: yes
    • Jones, Wendell K.: yes
    • Jordan, Wallace H., Jr.: yes
    • Kilmartin, John Gregory: yes
    • Kirby, Roger K.: yes
    • Landing, Kathy: yes
    • Lawson, M. Brian: yes
    • Ligon, Thomas R.: yes
    • Long, Steven Wayne: yes
    • Luck, Jason S.: yes
    • Martin, David: yes
    • McGinnis, Timothy A.: yes
    • Mitchell, Cody T.: yes
    • Montgomery, W. Scott, IV: yes
    • Moore, JA: yes
    • Moore, Travis A.: yes
    • Neese, Mike M.: yes
    • Newton, Brandon: yes
    • Oremus, Melissa Lackey: yes
    • Pedalino, Fawn M.: yes
    • Reese, Robert T.: yes
    • Rivers, Michael F., Sr.: yes
    • Rose, Seth: yes
    • Rutherford, J. Todd: yes
    • Sanders, Richard Blake: yes
    • Schuessler, Carla: yes
    • Sessions, Heath: yes
    • Smith, G. Murrell, Jr.: yes
    • Smith, Marvin: yes
    • Spann-Wilder, Tiffany: yes
    • Stavrinakis, Leonidas E.: yes
    • Taylor, Bill: yes
    • Teeple, James E.: yes
    • Vaughan, David: yes
    • Waters, Courtney S.: yes
    • Weeks, J. David: yes
    • Wetmore, Elizabeth: yes
    • Whitmire, William R.: yes
    • Wickensimer, Paul B.: yes
    • Williams, Robert Q.: yes
    • Willis, Mark N.: yes
    • Wooten, Chris: yes
    • Yow, Richard L.: yes
    • Beach, Thomas: no
    • Burns, James Mikell: no
    • Cromer, April: no
    • Edgerton, Sarita L.: no
    • Harris, Robert J.: no
    • Huff, William C.: no
    • Magnuson, Josiah: no
    • May, Robert J., III: no
    • McCravy, John R., III: no
    • Morgan, T. Alan, Jr.: no
    • Pace, Jordan S.: no
    • Rankin, Luke S.: no
    • Terribile, Jackie R.: no
    • Gilreath, Thomas Lee: excused
    • Hosey, Lonnie: excused
    • King, John Richard C.: excused
    • Moss, Dennis C.: excused
    • Murphy, Chris: excused
    • Pope, Thomas E.: excused
    • Bannister, Bruce W.: excused
    • Calhoon, Paula Rawl: excused
    • Chumley, William M.: excused
    • Clyburn, William: excused
    • Erickson, Shannon S.: excused
    • Frank, Stephen: excused
    • Gilliam, Leon D.: excused
    • Govan, Jerry N., Jr.: excused
    • Hardee, Kevin: excused
    • Hart, Christopher R.: excused
    • Howard, Leon: excused
    • Lowe, Phillip D.: excused
    • McCabe, Donald Ryan, Jr.: excused
    • McDaniel, Annie E.: excused
    • Newton, Wm. Weston J.: excused
    • Robbins, Robby: excused
    • White, Joseph S.: excused

Related bills

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Attribution

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