Amends the annual group capital calculation filing deadline for insurers in South Carolina.
This bill amends Section 38-21-225 of the South Carolina Code to change the annual group capital calculation filing deadline for insurers. The ultimate controlling person of every insurer must file an annual group capital calculation with the lead state commissioner. Certain insurance holding company systems are exempt from filing the group capital calculation, including those with a non-U.S. group-wide supervisor in a reciprocal jurisdiction. The lead state commissioner must request the calculation from the Federal Reserve Board if required.
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