H*3880(Rat #0089, Act #0045 of 2001)  General Bill, By Cato

Similar(S 499)
 A BILL TO AMEND ARTICLE 5, CHAPTER 77, TITLE 38 OF THE CODE OF LAWS OF SOUTH
 CAROLINA, 1976, RELATING TO THE REINSURANCE FACILITY AND DESIGNATED PRODUCERS,
 BY ADDING SECTION 38-77-640 SO AS TO CLARIFY AND FURTHER EXPLAIN THE CRITERIA
 FOR IMPOSITION OF A SURCHARGE ON LIABILITY INSURANCE PREMIUMS FOR RECOUPMENT
 OF FACILITY ASSESSMENTS OR LOSSES.

   04/05/01  House  Introduced and read first time HJ-11
   04/05/01  House  Referred to Committee on Labor, Commerce and
                     Industry HJ-12
   04/25/01  House  Committee report: Favorable Labor, Commerce and
                     Industry HJ-3
   04/26/01  House  Read second time HJ-15
   04/26/01  House  Unanimous consent for third reading on next
                     legislative day HJ-16
   04/27/01  House  Read third time and sent to Senate HJ-3
   05/01/01  Senate Introduced and read first time SJ-11
   05/01/01  Senate Referred to Committee on Banking and Insurance SJ-11
   05/09/01  Senate Committee report: Favorable Banking and Insurance SJ-26
   05/14/01  Senate Read second time SJ-19
   05/14/01  Senate Ordered to third reading with notice of
                     amendments SJ-19
   05/15/01  Senate Read third time and enrolled SJ-9
   05/23/01         Ratified R 89
   05/29/01         Signed By Governor
   06/12/01         Effective date 05/29/01
   06/12/01         Copies available
   06/12/01         Act No. 45

AN ACT TO AMEND ARTICLE 5, CHAPTER 77, TITLE 38, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REINSURANCE FACILITY AND DESIGNATED PRODUCERS, BY ADDING SECTION 38-77-640 SO AS TO CLARIFY AND FURTHER EXPLAIN THE CRITERIA FOR IMPOSITION OF A SURCHARGE ON LIABILITY INSURANCE PREMIUMS FOR RECOUPMENT OF FACILITY ASSESSMENTS OR LOSSES.

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

Exemption from recoupment surcharge

SECTION 1. The 1976 Code is amended by adding:

"Section 38-77-640. Pursuant to the plan of operation related to the South Carolina Reinsurance Facility outlined in Section 38-77-530, beginning on March 1, 2002, and continuing after that, an insured or a policyholder without insurance merit rating points on March 1, 1999, pursuant to the Uniform Merit Rating Plan in effect on March 1, 1999, is exempt from a surcharge for the recoupment of facility assessments or losses. A clean or nonpointed risk must not have any form of recoupment imposed to recoup facility losses; provided that, beginning on March 1, 2002, and continuing until the Department of Insurance determines it is unnecessary, a premium surcharge on liability premiums must be imposed pursuant to a plan promulgated by regulation by the director using driving records as of March 1, 1999."

Time effective

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

Ratified the 23rd day of May, 2001.

Approved the 29th day of May, 2001.