H*4494(Rat #0591, Act #0517)  General Bill, By J.J. Bailey, R.S. Corning, 
J.T. McElveen, Quinn and Scott

Similar(S 974)
 A Bill to amend Section 38-31-60, as amended, Code of Laws of South Carolina,
 1976, relating to the powers and duties of the South Carolina Property and
 Casualty Insurance Guaranty Association, so as to provide that a covered claim
 does not include any claim filed with the Association after the final date set
 by a court for the filing of claims against the liquidator or receiver of an
 insolvent insurer or any claim filed with the Association more than eighteen
 months after the declaration of insolvency, whichever date occurs first, but
 that this provision shall be without prejudice to the filing of a claim with
 the liquidator or receiver of an insolvent insurer or the filing of a claim
 with any other guaranty association or similar organization in another
 state.-amended title

   01/13/94  House  Introduced and read first time HJ-269
   01/13/94  House  Referred to Committee on Labor, Commerce and
                     Industry HJ-269
   02/16/94  House  Committee report: Favorable Labor, Commerce and
                     Industry HJ-15
   03/23/94  House  Read second time HJ-47
   03/24/94  House  Read third time and sent to Senate HJ-13
   03/29/94  Senate Introduced and read first time SJ-10
   03/29/94  Senate Referred to Committee on Banking and Insurance SJ-10
   04/14/94  Senate Committee report: Favorable Banking and Insurance SJ-24
   04/19/94  Senate Read second time SJ-35
   05/17/94  Senate Amended SJ-395
   05/17/94  Senate Read third time and returned to House with
                     amendments SJ-396
   05/19/94  House  Point of order- Senate amendments not printed and
                     on desks 24 hours HJ-47
   05/25/94  House  Concurred in Senate amendment and enrolled HJ-26
   06/02/94         Ratified R 591
   09/13/94         Signed By Governor
   09/13/94         Effective date 09/13/94
   09/19/94         Copies available

AN ACT TO AMEND SECTION 38-31-60, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE POWERS AND DUTIES OF THE SOUTH CAROLINA PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOCIATION, SO AS TO PROVIDE THAT A COVERED CLAIM DOES NOT INCLUDE ANY CLAIM FILED WITH THE ASSOCIATION AFTER THE FINAL DATE SET BY A COURT FOR THE FILING OF CLAIMS AGAINST THE LIQUIDATOR OR RECEIVER OF AN INSOLVENT INSURER OR ANY CLAIM FILED WITH THE ASSOCIATION MORE THAN EIGHTEEN MONTHS AFTER THE DECLARATION OF INSOLVENCY, WHICHEVER DATE OCCURS FIRST, BUT THAT THIS PROVISION SHALL BE WITHOUT PREJUDICE TO THE FILING OF A CLAIM WITH THE LIQUIDATOR OR RECEIVER OF AN INSOLVENT INSURER OR THE FILING OF A CLAIM WITH ANY OTHER GUARANTY ASSOCIATION OR SIMILAR ORGANIZATION IN ANOTHER STATE.

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

Covered claim; does not include certain claim; etc.

SECTION 1. Section 38-31-60(a)(2) of the 1976 Code is amended to read:

"(2) the insured's coverage is written subject to a self-insured retention equal to or in excess of three hundred thousand dollars. If the primary coverage and self-insured retention is less than three hundred thousand dollars, the association's obligation to the claimant is reduced by the coverage or retention. The Guaranty Association shall pay the full amount of a covered workers' compensation claim to a claimant notwithstanding any self-insured retention but the Guaranty Association has the right to recover the amount of the self-insured retention from the employer. The association is not obligated to pay a claimant an amount in excess of the obligation of the insolvent insurer under the policy or coverage from which the claim arises. A covered claim does not include any claim filed with the association after the final date set by a court for the filing of claims against the liquidator or receiver of an insolvent insurer, or any claim filed with the association more than eighteen months after the declaration of insolvency, whichever date occurs first; provided, however, that this provision shall be without prejudice to the filing of a claim with the liquidator or receiver of an insolvent insurer or the filing of a claim with any other Guaranty Association or similar organization in another state. The association shall pay only that amount of each unearned premium which is in excess of one hundred dollars;".

Time effective

SECTION 2. This act takes effect upon approval by the Governor.

Approved the 13th day of September, 1994.