Group Insurance Capital Calculation Filing Deadline

1. **ONE-SENTENCE SUMMARY:** This bill clarifies that the South Carolina Insurance Data Security Act applies to captive insurance companies unless they meet specific exemptions. 2. **KEY REQUIREMENTS:** - Determine if your captive insurance company is subject to the South Carolina Insurance Data Security Act. - If applicable, implement necessary data security measures to comply with the Act. 3. **DEADLINES:** - The bill is currently introduced and will take effect upon passage, so stay updated on its status. - Compliance deadlines will be outlined once the bill is enacted. 4. **PENALTIES:** - Non-compliance with the data security requirements may result in fines or other enforcement actions, though specific penalties will be detailed in the final legislation. 5. **SMB IMPACT:** Small businesses operating captive insurance companies need to assess their compliance with data security laws, which may require additional resources for implementing security measures. Understanding these requirements early can help avoid potential fines and ensure data protection.