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Bill Number: 2018 Ratification Number: 95 Act Number 60 Introducing Body: House Subject: Filing of forms by insurers with the National Association of Insurance Commissioners
(A60, R95, H2018)
AN ACT TO AMEND SECTIONS 38-29-140 AND 38-29-150, BOTH AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE FILING OF FORMS BY INSURERS WITH THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS, AND SECTION 38-29-360, RELATING TO APPEALS FROM ACTIONS OF THE CHIEF INSURANCE COMMISSIONER, SO AS TO CONFORM PROCEDURES GOVERNING APPEALS UNDER THE INSURANCE HOLDING COMPANY REGULATORY ACT TO THE PROCEDURES GOVERNING OTHER TYPES OF APPEALS FROM ORDERS OF THE CHIEF INSURANCE COMMISSIONER.
Be it enacted by the General Assembly of the State of South Carolina:
Registration of insurance holding companies
SECTION 1. Section 38-29-140 of the 1976 Code, as last amended by Section 8 of Act 426 of 1986, is further amended to read:
"Section 38-29-140. Every insurer authorized to do business in this State which is a member of an insurance holding company system shall register with the Commissioner, except a foreign insurer subject to registration requirements and standards adopted by statute or regulation in the jurisdiction of its domicile which are substantially similar to those contained in this chapter.
Any insurer which is subject to registration under this chapter shall register within fifteen days after it becomes subject to registration, and annually thereafter by March first of each year for the previous calendar year, unless the Commissioner for good cause shown extends the time for registration, and then within the extended time. The Commissioner may require any authorized insurer which is a member of a holding company system which is not subject to registration under this section to furnish a copy of the registration statement or other information filed by the insurance company with the insurance regulatory authority of its domiciliary jurisdiction."
SECTION 2. Section 38-29-150 of the 1976 Code, as last amended by Section 9 of Act 426 of 1986, is further amended to read:
"Section 38-29-150. Every insurer subject to registration shall file the registration statement on a form prescribed by the Commissioner which must contain the following current information:
(1) the capital structure, general financial condition, ownership, and management of the insurer and any person controlling the insurer;
(2) the identity and relationship of every member of the insurance holding company system;
(3) the following agreements in force, and transactions currently outstanding or which have occurred during the last calendar year between such insurer and its affiliates:
(i) loans, other investments, or purchases, sales, or exchanges of securities of the affiliates by the insurer or of the insurer by its affiliates;
(ii) purchases, sales, or exchanges of assets;
(iii) transactions not in the ordinary course of business;
(iv) guarantees or undertakings for the benefit of an affiliate which result in an actual contingent exposure of the insurer's assets to liability, other than insurance contracts entered into in the ordinary course of the insurer's business;
(v) all management agreements, service contracts, and all cost-sharing arrangements;
(vi) reinsurance agreements;
(vii) dividends and other distributions to shareholders;
(viii) consolidated tax allocation agreements.
(4) other matters concerning transactions between registered insurers and any affiliates as may be included in any registration forms adopted or approved by the Commissioner."
SECTION 3. Section 38-29-360 of the 1976 Code is amended to read:
"Section 38-29-360. Any action, order, or decision of the Commissioner pursuant to this chapter is subject to judicial review by the circuit court for Richland County in accordance with Sections 38-3-210 and 1-23-380."
SECTION 4. This act takes effect upon approval by the Governor.