February 2021 Legislative Reports

NAIFA-SC Legislative Report 2.26.21

1. Legislative Action

Financial Literacy – S. 16. The Senate resumed debate over this bill this week. This bill would improve financial literacy by replacing the economics coursework requirements currently being taught in high school with personal finance coursework.
South Carolina currently requires base level financial literacy instruction in high school that includes, but is not limited to, opening a deposit account, balancing a check book, completing loan applications, etc. These topics are typically covered in high school economics coursework Not only would Senate Bill 16 replace the high school economics curriculum with a dedicated finance course, the bill would require more expansive instruction in addition to the areas currently being taught in our state. These additional personal finance topics would include, among other topics, internet safety and cybersecurity; financial planning and asset management; and health, life, auto, and other insurance products.

The Senate adopted a minor amendment before passing the bill and sending it to the House for consideration.

Financial Exploitation – S. 425. This bill would address issues of financial exploitation of vulnerable adults. Under this bill, financial institutions, such as wealth management institutions and financial services corporations, would be authorized to pause financial requests if suspected of exploitation and allow them to report. Senate bill 425 was heard by the Senate Family & Veterans’ Services Committee. The consensus was that this is important legislation. However, due to some potential unintended consequences of the bill in its current form, the Committee, the bill was carried over to work on amendments.

Insurance Fraud – H. 3586. This bill has previously passed through the House and was heard by the Senate Banking and Insurance Committee. House Bill 3586 would move the responsibility of investigating and prosecuting insurance fraud from the Attorney General and place it within the S.C. Department of Insurance. After considerable discussion over whether the AG or Department of Insurance would handle the actual indictment, the bill received a favorable report by the Committee with an understanding that bill could be amended on the Senate floor.

Health Insurance & Cancer Treatment – H. 3755. This bill provides that no health insurance policies in our state may require an insured to fail to successfully respond to a specific drug for stage four metastatic cancer prior to approving an alternate drug prescribed they the insured’s physician. Many were in support of this bill; the only opposition was from insurance carriers. A House 3M subcommittee gave the bill a favorable report.

2. Newly-Introduced Legislation

No bills were introduced this week that relate the interests of NAIFA-SC.
For any questions about this report, please contact James Knox at jknox@turnerpadget.com or 803-277-4320.

NAIFA-SC LEGISLATIVE REPORT 2.19.21

1. Legislative Action

Financial Literacy – S. 16. The Senate debated this bill this week which would improve financial literacy
by replacing the economics coursework requirements currently being taught in high school with personal
finance coursework.
South Carolina currently requires base level financial literacy instruction in high school that includes, but
is not limited to, opening a deposit account, balancing a check book, completing loan applications, etc.
These topics are typically covered in high school economics coursework Not only would Senate Bill 16
replace the high school economics curriculum with a dedicated finance course, the bill would require more
expansive instruction in addition to the areas currently being taught in our state. These additional personal
finance topics would include, among other topics, internet safety and cybersecurity; financial planning and
asset management; and health, life, auto, and other insurance products.
The bill did not receive second reading in the Senate this week. Senator Hutto expressed his concerns with
the fiscal impact of this bill on the state. Senator Hutto cited the fiscal impact statement predicted that the
cost to the state would be $4.4M this year alone to implement the requirements of this bill. The costs are
due to the training materials and books and the training of teachers. Hutto also stated that the base level
financial literacy instruction currently being taught in high school economics could be enough to educate
students on financial literacy. Senator Hutto objected to the bill to place it on the contested calendar which
will stall further movement of the bill until he removes his objection.

2. Newly-Introduced Legislation
The following bills were introduced in the House and Senate this week. You may view the bill by clicking
on the hyperlinked bill number.

H. 3908 – THIS BILL WOULD AUTHORIZE A BROKER-DEALER, INVESTMENT ADVISER, OR
QUALIFIED INDIVIDUAL TO DELAY CERTAIN FINANCIAL TRANSACTIONS IN CASES OF
THE SUSPECTED FINANCIAL EXPLOITATION OF A VULNERABLE ADULT.
S. 577 – THIS BILL WOULD REQUIRE INDIVIDUAL AND GROUP HEALTH INSURANCE AND
HEALTH MAINTENANCE ORGANIZATIONS TO COVER ANNUAL WELL-WOMAN
EXAMINATIONS.

For any questions about this report, please contact James Knox at jknox@turnerpadget.com or 803-277-
4320.

NAIFA-SC LEGISLATIVE REPORT 2.12.21

1. Legislative Action

Financial Literacy – S. 16. The Senate Education Committee held a hearing to consider this bill which would improve financial literacy by replacing the economics coursework requirements currently being taught in high school with personal finance coursework.

2. NAIFA-SC Day on the Hill Update

This year’s Day on the Hill will be held on Monday, March 22 and will be held virtually. Chairman Sandifer of the House LCI Committee and Chairman Cromer of the Senate Banking and Insurance Committee have agreed to join us as part of a legislative panel to provide our members with updates on this years’ session. Director Farmer of the Department of Insurance has also agreed to join us as a speaker. More details will follow.

3. Newly-Introduced Legislation