South Carolina H 4789: A HOUSE RESOLUTION TO EXPRESS THE DEEP SORROW OF THE MEMBERS OF THE SOUTH CAROLINA HOUSE OF REPRESENTATIVES UPON HEARING OF THE PASSING OF KARSON BAILEY WHITESELL OF ROCK HILL AND TO OFFER THEIR SINCEREST CONDOLENCES TO HER LOVING FAMILY AND FRIENDS.

Bill Text

2025-2026 Bill 4789 Text of Previous Version (Dec. 17, 2025) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 4789

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A bill

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING 
SECTION 38-21-225, RELATING TO THE ANNUAL GROUP CAPITAL CALCULATION FILING 
DEADLINE IN THE INSURANCE HOLDING COMPANY REGULATORY ACT, SO AS TO ESTABLISH 
THE DEADLINE AS MAY FIRST.

Be it enacted by the 
General Assembly of the State of South Carolina:

SECTION 1. Section 38-21-225(B) of the S.C. Code is amended to 
read:

 (B) Except as provided below, the 
ultimate controlling person of every insurer subject to registration must file 
concurrently with the registration an annual group capital calculation as 
directed by the lead state commissioner. The report must be completed in 
accordance with NAIC Group Capital Calculation instructions, which may permit 
the lead state commissioner to allow a controlling person that is not the 
ultimate controlling person to file the group capital calculation. The report 
must be filed with the lead state commissioner of the insurance holding company 
system as determined by the director in accordance with the procedures within 
the Financial Analysis Handbook adopted by the NAIC before 
May first. The following insurance holding company systems are exempt 
from filing the group capital calculation:

 (1) 
an insurance holding company system that has only one insurer within its 
holding company structure, that only writes business in its domestic state, and 
assumes no business from any other insurer;

 (2) 
an insurance holding company system that is required to perform a group capital 
calculation specified by the United States Federal Reserve Board. The lead 
state commissioner must request the calculation from the Federal Reserve Board 
under the terms of information-sharing agreements in effect. If the Federal 
Reserve Board cannot share the calculation with the lead state commissioner, 
the insurance holding company system is not exempt from the group capital 
calculation filing;

 (3) 
an insurance holding company system whose non-U.S. group-wide supervisor is 
located within a reciprocal jurisdiction as described in Section 38-9-200 that 
recognizes the U.S. state regulatory approach to group supervision and group 
capital;

 (4) 
an insurance holding company system:

 (a) 
that provides information to the lead state that meets the requirements for 
accreditation under the NAIC financial standards and accreditation program, 
either directly or indirectly through the group-wide supervisor, who has 
determined such information is satisfactory to allow the lead state to comply 
with the NAIC group supervision approach, as detailed in the NAIC Financial 
Analysis Handbook, and

 (b) 
whose non-U.S. group-wide supervisor that is not in a reciprocal jurisdiction 
recognizes and accepts, as specified by the director in regulation, the Group 
Capital Calculation as the worldwide group capital assessment for U.S. 
insurance groups who operate in that jurisdiction.

 (5) 
Notwithstanding the provisions of this subsection, a lead state commissioner 
must require the group capital calculation for U.S. operations of any 
non-U.S.-based insurance holding company system where, after any necessary 
consultation with other supervisors or officials, it is deemed appropriate by 
the lead state commissioner for prudential oversight and solvency monitoring 
purposes or for ensuring the competitiveness of the insurance marketplace.

 (6) 
Notwithstanding the exemptions from filing the group capital calculation stated 
in this section, the lead state commissioner has the discretion to exempt the 
ultimate controlling person from filing the annual group capital calculation or 
to accept a limited group capital filing or report in accordance with criteria 
as specified by the director in regulation.

 (7) 
If the lead state commissioner determines that an insurance holding company 
system no longer meets one or more of the requirements for an exemption from 
filing the group capital calculation under this section, the insurance holding 
company system must file the group capital calculation at the next annual 
filing date unless given an extension by the lead state commissioner based on 
reasonable grounds shown.

SECTION 2. This act takes effect upon approval 
by the Governor.

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This web page was last updated on December 17, 2025 at 01:49 PM