Bill 1213

                    Current Status

Introducing Body:               Senate
Bill Number:                    1213
Primary Sponsor:                Bryan
Committee Number:               15
Type of Legislation:            GB
Subject:                        Self-insurers, financial
                                responsibility of
Residing Body:                  Senate
Computer Document Number:       DKA/3590.AL
Introduced Date:                Jan 22, 1992
Last History Body:              Senate
Last History Date:              Jan 22, 1992
Last History Type:              Introduced, read first time,
                                referred to Committee
Scope of Legislation:           Statewide
All Sponsors:                   Bryan
                                Mullinax
                                O'Dell
Type of Legislation:            General Bill

 Bill  Body    Date          Action Description              CMN
 ----  ------  ------------  ------------------------------  ---
 1213  Senate  Jan 22, 1992  Introduced, read first time,    15
                             referred to Committee

A BILL

TO AMEND SECTION 56-9-60, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO APPLICATION AND CERTIFICATE FOR SELF-INSURERS, SO AS TO REQUIRE CERTAIN INFORMATION TO BE SUBMITTED TO DETERMINE FINANCIAL RESPONSIBILITY.

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

SECTION 1. Section 56-9-60 of the 1976 Code is amended to read:

"Section 56-9-60. Any A person in whose name or company who has more than twenty-five motor vehicles are registered in his name may qualify as a self-insurer by obtaining a certificate of self-insurance issued by provided that the department as provided in this section is satisfied that the person or company is able to pay any judgments obtained against the person or company. The Department may, in its discretion, upon the application of such person, issue a certificate of self-insurance when it is satisfied that the person is possessed and will continue to be possessed of ability to pay judgments obtained against him. Upon not less than five days' notice and a hearing pursuant to the notice the Department may upon reasonable grounds cancel a certificate of self-insurance. Failure to pay any judgment within thirty days after the judgment shall have become final shall constitute a reasonable ground for the cancellation of a certificate of self-insurance person or company must submit the following information to the department for it to determine financial responsibility:

(1) a copy of the applicant's latest, certified, audited financial statement indicating that the applicant has a positive net worth;

(2) a current list of all vehicles registered in applicant's name;

(3) the applicant's procedural guidelines for processing claims;

(4) the applicant must have a net worth of a least twenty million dollars or the department may require the applicant to deposit in a segregated self-insured claims account the sum of five thousand dollars for each vehicle to be covered by the self-insurer's certificate. The five thousand dollar a vehicle amount may not decrease less than thirty percent in any given certificate year; and

(5) the applicant shall obtain an excess insurance policy to cover all claims exceeding one hundred thousand dollars for each occurrence if the applicant is required to deposit five thousand dollars a vehicle as provided in item (4)."

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