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H 3587 - Requires an insurer or an insurance group to submit a corporate governance annual disclosure

Tracking Level: Of Interest
Sponsor: Kit Spires (R)
Last Action: 2/7/2019 - Senate - Referred to Committee on Banking and Insurance
House Committee: LCI
Senate Committee: BI
Assigned To:
General GovernanceNext Bill
Week of 01.14.2019Next Bill
Week of 01.21.2019Next Bill
Week of 01.28.2019Next Bill

Staff Analysis of the Legislation

01.31.2019 The House Labor, Commerce and Industry Committee gave this bill a favorable report as amended. The amendment makes only technical changes.
01.24.2019 The House Labor, Commerce and Industry Insurance subcommittee gave this bill a favorable report.
Summary of the bill as introduced: Requires an insurer or an insurance group to submit a corporate governance annual disclosure; and establishes certain requirements for the disclosure.

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Session 123 - (2019-2020)Printer Friendly
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H 3587 General Bill, By Spires, Sandifer and West
Similar (S 0075)
Summary: Insurance
    A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING ARTICLE 9 TO CHAPTER 13, TITLE 38 SO AS TO REQUIRE AN INSURER OR AN INSURANCE GROUP TO SUBMIT A CORPORATE GOVERNANCE ANNUAL DISCLOSURE AND ESTABLISH CERTAIN REQUIREMENTS FOR THE DISCLOSURE, TO DEFINE NECESSARY TERMS, TO AUTHORIZE THE DIRECTOR OF THE DEPARTMENT OF INSURANCE TO PROMULGATE REGULATIONS RELATED TO THE DISCLOSURE, TO PROVIDE CERTAIN CONFIDENTIALITY REQUIREMENTS FOR INFORMATION SUBMITTED TO THE DIRECTOR AND TO PROHIBIT THE DIRECTOR OR A PERSON WHO RECEIVES INFORMATION RELATED TO THE ANNUAL DISCLOSURE FROM TESTIFYING IN A PRIVATE CIVIL ACTION CONCERNING THE CONFIDENTIAL INFORMATION, TO AUTHORIZE THE DIRECTOR TO RETAIN THIRD-PARTY CONSULTANTS AND PRESCRIBE CERTAIN RULES FOR THE CONSULTANTS, TO PROVIDE A PENALTY FOR AN INSURER WHO FAILS TO FILE THE CORPORATE GOVERNANCE ANNUAL DISCLOSURE, AND TO SET AN EFFECTIVE DATE; BY ADDING SECTION 38-21-295 SO AS TO AUTHORIZE THE DIRECTOR TO ACT AS THE GROUP-WIDE SUPERVISOR FOR AN INTERNATIONALLY ACTIVE INSURANCE GROUP UNDER CERTAIN CIRCUMSTANCES, TO ESTABLISH A PROCEDURE FOR THE DIRECTOR TO DETERMINE WHETHER HE MAY ACT AS THE GROUP-WIDE SUPERVISOR OR ACKNOWLEDGE ANOTHER REGULATORY OFFICIAL TO ACT AS THE GROUP-WIDE SUPERVISOR, TO AUTHORIZE THE DIRECTOR TO ENGAGE IN CERTAIN ACTIVITIES AS GROUP-WIDE SUPERVISOR, AND TO AUTHORIZE THE DIRECTOR TO PROMULGATE REGULATIONS; AND TO AMEND SECTION 38-21-10, RELATING TO INSURANCE HOLDING COMPANY REGULATORY ACT DEFINITIONS, SO AS TO DEFINE THE TERMS "DIRECTOR," "GROUP-WIDE SUPERVISOR," AND "INTERNATIONALLY ACTIVE INSURANCE GROUP".
View full text          View Vote History
01/15/19House Introduced and read first time (House Journal-page 75)
01/15/19House Referred to Committee on Labor, Commerce and Industry (House Journal-page 75)
01/31/19House Committee report: Favorable with amendment Labor, Commerce and Industry (House Journal-page 46)
02/01/19 Scrivener's error corrected
02/05/19House Member(s) request name added as sponsor: West
02/06/19House Amended (House Journal-page 62)
02/06/19House Read second time (House Journal-page 62)
02/06/19House Roll call Yeas-110 Nays-0 (House Journal-page 63)
02/07/19 Scrivener's error corrected
02/07/19House Read third time and sent to Senate (House Journal-page 11)
02/07/19Senate Introduced and read first time (Senate Journal-page 7)
02/07/19Senate Referred to Committee on Banking and Insurance (Senate Journal-page 7)



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