Fabio
88 lines
8.5 KiB
Markdown
88 lines
8.5 KiB
Markdown
---
|
||
type: "Bill"
|
||
title: "AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, SO AS TO ENACT THE \"OWN RISK AND SOLVENCY ASSESSMENT ACT\" BY ADDING ARTICLE 8 TO CHAPTER 13, TITLE 38 SO AS TO EXPRESS THE PURPOSE OF THIS ACT, TO DEFINE NECESSARY TERMS, TO REQUIRE AN INSURER TO MAINTAIN A RISK MANAGEMENT FRAMEWORK FOR CERTAIN PURPOSES, TO REQUIRE AN INSURER OR INSURANCE GROUP OF WHICH AN INSURER IS A MEMBER TO CONDUCT AN OWN RISK AND SOLVENCY ASSESSMENT (ORSA) ON NO LESS THAN AN ANNUAL BASIS, TO REQUIRE AN INSURER OR INSURANCE GROUP TO SUBMIT AN ORSA REPORT TO THE DIRECTOR OF THE DEPARTMENT OF INSURANCE AND TO DESCRIBE WHAT THE REPORT MUST CONTAIN, TO PROVIDE EXEMPTIONS FROM THE REPORTING PROVISIONS IN CERTAIN CIRCUMSTANCES AND TO ALLOW AN INSURER TO APPLY FOR A WAIVER UNDER CERTAIN CIRCUMSTANCES, TO ESTABLISH THAT THE ORSA REPORT BE PREPARED IN A MANNER CONSISTENT WITH THE ORSA GUIDANCE MANUAL, TO PROVIDE THAT ALL DOCUMENTS, MATERIALS, AND INFORMATION CREATED UNDER THE OWN RISK AND SOLVENCY ASSESSMENT ACT ARE CONFIDENTIAL, TO PROHIBIT THE DIRECTOR OR ANYONE WHO RECEIVES ORSA-RELATED INFORMATION FROM TESTIFYING IN A PRIVATE CIVIL ACTION CONCERNING THE CONFIDENTIAL INFORMATION, TO PERMIT THE DIRECTOR TO TAKE CERTAIN ACTIONS CONCERNING HIS REGULATORY DUTIES, TO PROVIDE A PENALTY FOR AN INSURER WHO FAILS TO FILE THE ORSA SUMMARY REPORT, AND TO SET AN EFFECTIVE DATE FOR THE PROVISIONS OF THIS ACT; AND TO AMEND SECTION 38-21-10, AS AMENDED, RELATING TO DEFINED TERMS FOR THE INSURANCE HOLDING COMPANY REGULATORY ACT, SO AS TO DEFINE THE TERM \"SUPERVISORY COLLEGE\". - ratified title"
|
||
description: "AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, SO AS TO ENACT THE \"OWN RISK AND SOLVENCY ASSESSMENT ACT\" BY ADDING ARTICLE 8 TO CHAPTER 13, TITLE 38 SO AS TO EXPRESS THE PURPOSE OF THIS ACT, TO DEFINE NECESSARY TERMS, TO REQUIRE AN INSURER TO MAINTAIN A RISK MANAGEMENT FRAMEWORK FOR CERTAIN PURPOSES, TO REQUIRE AN INSURER OR INSURANCE GROUP OF WHICH AN INSURER IS A MEMBER TO CONDUCT AN OWN RISK AND SOLVENCY ASSESSMENT (ORSA) ON NO LESS THAN AN ANNUAL BASIS, TO REQUIRE AN INSURER OR INSURANCE GROUP TO SUBMIT AN ORSA REPORT TO THE DIRECTOR OF THE DEPARTMENT OF INSURANCE AND TO DESCRIBE WHAT THE REPORT MUST CONTAIN, TO PROVIDE EXEMPTIONS FROM THE REPORTING PROVISIONS IN CERTAIN CIRCUMSTANCES AND TO ALLOW AN INSURER TO APPLY FOR A WAIVER UNDER CERTAIN CIRCUMSTANCES, TO ESTABLISH THAT THE ORSA REPORT BE PREPARED IN A MANNER CONSISTENT WITH THE ORSA GUIDANCE MANUAL, TO PROVIDE THAT ALL DOCUMENTS, MATERIALS, AND INFORMATION CREATED UNDER THE OWN RISK AND SOLVENCY ASSESSMENT ACT ARE CONFIDENTIAL, TO PROHIBIT THE DIRECTOR OR ANYONE WHO RECEIVES ORSA-RELATED INFORMATION FROM TESTIFYING IN A PRIVATE CIVIL ACTION CONCERNING THE CONFIDENTIAL INFORMATION, TO PERMIT THE DIRECTOR TO TAKE CERTAIN ACTIONS CONCERNING HIS REGULATORY DUTIES, TO PROVIDE A PENALTY FOR AN INSURER WHO FAILS TO FILE THE ORSA SUMMARY REPORT, AND TO SET AN EFFECTIVE DATE FOR THE PROVISIONS OF THIS ACT; AND TO AMEND SECTION 38-21-10, AS AMENDED, RELATING TO DEFINED TERMS FOR THE INSURANCE HOLDING COMPANY REGULATORY ACT, SO AS TO DEFINE THE TERM \"SUPERVISORY COLLEGE\". - ratified title"
|
||
jurisdiction: "us/states/sc"
|
||
legislature: "South Carolina General Assembly"
|
||
session: "2017-2018"
|
||
identifier: "S 254"
|
||
citation: "South Carolina S 254 (2017-2018)"
|
||
classification: ["bill"]
|
||
subjects: []
|
||
status: "enacted"
|
||
primary_sponsors: ["Cromer"]
|
||
version_count: 8
|
||
action_count: 24
|
||
vote_count: 3
|
||
first_action: "2017-01-12"
|
||
last_action: "2017-05-31"
|
||
source: "openstates"
|
||
source_identifier: "ocd-bill/48c8d36d-2370-4817-a37c-ef9f492e39a7"
|
||
source_url: "http://www.scstatehouse.gov/billsearch.php?billnumbers=254&session=122&summary=B"
|
||
source_hash: "3b091e19afb3105c91f1c5f647c1d1196f86fbecabdc395c18367538be51affc"
|
||
vintage: "2026-07-01"
|
||
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
|
||
retrieved_at: "2026-07-06"
|
||
confidence: "reported"
|
||
tags: ["legislation", "bill", "us-sc"]
|
||
---
|
||
|
||
# South Carolina S 254 (2017-2018) — AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, SO AS TO ENACT THE "OWN RISK AND SOLVENCY ASSESSMENT ACT" BY ADDING ARTICLE 8 TO CHAPTER 13, TITLE 38 SO AS TO EXPRESS THE PURPOSE OF THIS ACT, TO DEFINE NECESSARY TERMS, TO REQUIRE AN INSURER TO MAINTAIN A RISK MANAGEMENT FRAMEWORK FOR CERTAIN PURPOSES, TO REQUIRE AN INSURER OR INSURANCE GROUP OF WHICH AN INSURER IS A MEMBER TO CONDUCT AN OWN RISK AND SOLVENCY ASSESSMENT (ORSA) ON NO LESS THAN AN ANNUAL BASIS, TO REQUIRE AN INSURER OR INSURANCE GROUP TO SUBMIT AN ORSA REPORT TO THE DIRECTOR OF THE DEPARTMENT OF INSURANCE AND TO DESCRIBE WHAT THE REPORT MUST CONTAIN, TO PROVIDE EXEMPTIONS FROM THE REPORTING PROVISIONS IN CERTAIN CIRCUMSTANCES AND TO ALLOW AN INSURER TO APPLY FOR A WAIVER UNDER CERTAIN CIRCUMSTANCES, TO ESTABLISH THAT THE ORSA REPORT BE PREPARED IN A MANNER CONSISTENT WITH THE ORSA GUIDANCE MANUAL, TO PROVIDE THAT ALL DOCUMENTS, MATERIALS, AND INFORMATION CREATED UNDER THE OWN RISK AND SOLVENCY ASSESSMENT ACT ARE CONFIDENTIAL, TO PROHIBIT THE DIRECTOR OR ANYONE WHO RECEIVES ORSA-RELATED INFORMATION FROM TESTIFYING IN A PRIVATE CIVIL ACTION CONCERNING THE CONFIDENTIAL INFORMATION, TO PERMIT THE DIRECTOR TO TAKE CERTAIN ACTIONS CONCERNING HIS REGULATORY DUTIES, TO PROVIDE A PENALTY FOR AN INSURER WHO FAILS TO FILE THE ORSA SUMMARY REPORT, AND TO SET AN EFFECTIVE DATE FOR THE PROVISIONS OF THIS ACT; AND TO AMEND SECTION 38-21-10, AS AMENDED, RELATING TO DEFINED TERMS FOR THE INSURANCE HOLDING COMPANY REGULATORY ACT, SO AS TO DEFINE THE TERM "SUPERVISORY COLLEGE". - ratified title
|
||
|
||
## Version chain
|
||
|
||
The bill's text revisions, in order — the diff chain from filing to enrollment.
|
||
|
||
1. **1/12/2017** (committee substitute) — [source](http://www.scstatehouse.gov/sess122_2017-2018/prever/254_20170112.htm)
|
||
2. **2/10/2017** (committee substitute) — [source](http://www.scstatehouse.gov/sess122_2017-2018/prever/254_20170210.htm)
|
||
3. **2/15/2017** (committee substitute) — [source](http://www.scstatehouse.gov/sess122_2017-2018/prever/254_20170215.htm)
|
||
4. **2/9/2017** (committee substitute) — [source](http://www.scstatehouse.gov/sess122_2017-2018/prever/254_20170209.htm)
|
||
5. **3/8/2017** (committee substitute) — [source](http://www.scstatehouse.gov/sess122_2017-2018/prever/254_20170308.htm)
|
||
6. **3/9/2017** (committee substitute) — [source](http://www.scstatehouse.gov/sess122_2017-2018/prever/254_20170309.htm)
|
||
7. **5/2/2017** (committee substitute) — [source](http://www.scstatehouse.gov/sess122_2017-2018/prever/254_20170502.htm)
|
||
8. **5/4/2017** (committee substitute) — [source](http://www.scstatehouse.gov/sess122_2017-2018/prever/254_20170504.htm)
|
||
|
||
## Votes
|
||
|
||
- Passage of Bill — **96–1** (pass) · lower
|
||
- 2nd Reading — **37–1** (pass) · upper
|
||
- to concur — **42–0** (pass) · upper
|
||
|
||
## Sponsors
|
||
|
||
- Cromer — primary (person)
|
||
|
||
## Timeline
|
||
|
||
The legislative action history — every referral, reading, and vote.
|
||
|
||
- **2017-01-12** Introduced and read first time `introduction, reading-1`
|
||
- **2017-01-12** Referred to Committee on Banking and Insurance `referral-committee`
|
||
- **2017-02-09** Committee report: Favorable with amendment Banking and Insurance `committee-passage-favorable`
|
||
- **2017-02-10** Scrivener's error corrected
|
||
- **2017-02-15** Committee Amendment Adopted `amendment-passage`
|
||
- **2017-03-08** Amended `amendment-passage`
|
||
- **2017-03-08** Read second time `reading-2`
|
||
- **2017-03-08** Roll call Ayes-37 Nays-1
|
||
- **2017-03-09** Scrivener's error corrected
|
||
- **2017-03-09** Read third time and sent to House `passage, reading-3`
|
||
- **2017-03-13** Introduced and read first time `introduction, reading-1`
|
||
- **2017-03-13** Referred to Committee on Labor, Commerce and Industry `referral-committee`
|
||
- **2017-05-02** Committee report: Favorable with amendment Labor, Commerce and Industry `committee-passage-favorable`
|
||
- **2017-05-04** Amended `amendment-passage`
|
||
- **2017-05-04** Read second time `reading-2`
|
||
- **2017-05-04** Roll call Yeas-96 Nays-1
|
||
- **2017-05-04** Unanimous consent for third reading on next legislative day
|
||
- **2017-05-05** Read third time and returned to Senate with amendments `passage, reading-3`
|
||
- **2017-05-10** Concurred in House amendment and enrolled
|
||
- **2017-05-10** Roll call Ayes-42 Nays-0
|
||
- **2017-05-15** Ratified R 69
|
||
- **2017-05-19** Signed By Governor `executive-signature`
|
||
- **2017-05-26** Effective date 5/19/17
|
||
- **2017-05-31** Act No. 48
|
||
|
||
## Source
|
||
|
||
OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/48c8d36d-2370-4817-a37c-ef9f492e39a7`. Confidence: reported (aggregated from official South Carolina legislature records).
|
||
|