S 856

A Bill To Amend The Code Of Laws Of South Carolina, 1976, To Enact The "South Carolina Insurance Data Security Act" By Adding Chapter 99 To Title 38 So As To Define Necessary Terms; To Require A Licensee To Develop, Implement And Maintain A Comprehensive Information Security Program Based On The Licensee'S Risk Assessment And To Establish Certain Requirements For The Security Program, To Provide Minimum Requirements For A Licensee'S Board Of Directors, If Applicable, To Require A Licensee To Monitor The Security Program And Make Adjustments If Necessary, To Provide That The Licensee Must Establish An Incident Response Plan And To Establish Certain Requirements For The Incident Response Plan, To Require A Licensee To Submit A Statement To The Director Of The Department Of Insurance Annually; To Establish Certain Requirements For A Licensee In The Event Of A Cybersecurity Event; To Require A Licensee To Notify The Director Of Certain Information In The Event Of A Cybersecurity Event; To Grant The Director The Power And Authority To Examine And Investigate A Licensee; To Provide That Documents, Materials, Or Other Information In The Control Or Possession Of The Department Must Be Treated As Confidential And To Authorize The Director To Share Or Receive Confidential Documents Under Certain Circumstances; To Provide Exemptions From The Provisions Of This Chapter; To Provide Penalties For Violations; And To Authorize The Director To Promulgate Regulations.