A JOINT RESOLUTION TO APPROVE REGULATIONS OF THE DEPARTMENT OF INSURANCE, RELATING TO INSURANCE HOLDING COMPANY SYSTEMS, DESIGNATED AS

Bill S 573 is a joint resolution that approves new regulations from the South Carolina Department of Insurance concerning Insurance Holding Company Systems. These regulations introduce a framework for calculating group capital and conducting liquidity stress tests, providing the Department with additional tools for supervising these insurance groups. The changes also establish provisions for receivership to ensure essential services continue for an insurer in receivership and clarify the ownership of insurer data and records. These updates primarily affect insurance companies that are part of holding company systems and are necessary for the South Carolina Department of Insurance to maintain its accreditation.