The bill approves regulations for the South Carolina Department of Insurance concerning Insurance Holding Company functions and receivership.
This bill approves the Department of Insurance's regulations relating to Insurance Holding Company functions to an insurer in receivership by affiliated entities. It aims to clarify ownership of data and records of the insurer. These amendments are necessary for the South Carolina Department of Insurance to maintain its accreditation with the National Association of Insurance Commissioners. The changes include implementing a group capital calculation and liquidity stress test framework to enhance group-wide supervision.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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