H 4792 — Insurance penalties and fees

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17, 2025) - South Carolina Legislature Online South Carolina General Assembly126th Session, 2025-2026Bill 4792Indicates Matter StrickenIndicates 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 38-2-10, RELATING TO ADMINISTRATIVE PENALTIES FOR VIOLATIONS OF STATE AND FEDERAL INSURANCE LAWS IN THIS STATE, SO AS TO INCREASE PENALTIES FOR VIOLATIONS BY INSURERS, PHARMACY BENEFITS MANAGERS, AND HEALTH MAINTENANCE ORGANIZATIONS;

AND BY AMENDING SECTION 38-71-2210, RELATING TO LICENSE REQUIREMENTs FOR PHARMACY BENEFITS MANAGERS, SO AS TO INCREASE LICENSE APPLICATION AND RENEWAL FEES.

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

  SECTION 1.  Section 38-2-10(A)(1) of the S.C.

Code is amended to read:

      (1) If the violator is an insurer, pharmacy benefits manager, or a health maintenance organization licensed in this State, the director or his designee shall fine the violator in an amount not to exceed fifteentwenty-five thousand dollars, suspend or revoke the violator's authority to do business in this State, or both.

If the violation is wilful, the director or his designee shall fine the violator in an amount not to exceed thirtytwo hundred fifty thousand dollars, suspend or revoke the violator's authority to do business in this State, or both.

  SECTION 2.  Section 38-71-2210(A)(2) of the S.C.

Code is amended to read:

      (2) The director shall prescribe the application for a license to operate in this State as a pharmacy benefits manager and may charge an initial application fee of onetwenty-five thousand dollars and an annual renewal fee of five hundredten thousand dollars, provided the pharmacy benefits manager application form must collect the following information:

           (a) the name, address, and telephone contact number of the pharmacy benefits manager;

           (b) the name and address of the pharmacy benefits manager's agent for service of process in the State;

           (c) the name and address of each person with management or control over the pharmacy benefits manager;

           (d) the name and address of each person with a beneficial ownership interest in the pharmacy benefits manager;

           (e) a signed statement indicating that, to the best of their knowledge, no officer with management or control of the pharmacy benefits manager has been convicted of a felony or has violated any of the requirements of state law applicable to pharmacy benefits managers, or, if the applicant cannot provide such a statement, a signed statement describing the relevant conviction or violation;  and            (f) in the case of a pharmacy benefits manager applicant that is a partnership or other unincorporated association, limited liability company, or corporation, and has five or more partners, members, or stockholders:

               (i) the applicant shall specify its legal structure and the total number of its partners, members, or stockholders who, directly or indirectly, own, control, hold with the power to vote, or hold proxies representing ten percent or more of the voting securities of any other person;  and                (ii) the applicant shall agree that, upon request by the department, it shall furnish the department with information regarding the name, address, usual occupation, and professional qualifications of any other partners, members, or stockholders who, directly or indirectly, own, control, hold with the power to vote, or hold proxies representing ten percent or more of the voting securities of any other person.

  SECTION 3.  This act takes effect upon approval by the Governor.

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