Current Status Introducing Body:Senate Bill Number:402 Primary Sponsor:Saleeby Committee Number:02 Type of Legislation:GB Subject:Insurers, limitation of risk by Residing Body:Senate Current Committee:Banking and Insurance Companion Bill Number:3244 595 Computer Document Number:NO5/7114.BD Introduced Date:Jan 09, 1991 Last History Body:Senate Last History Date:Jan 09, 1991 Last History Type:Introduced and read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Saleeby Land McConnell Mullinax Pope Type of Legislation:General Bill
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
402 Senate Jan 09, 1991 Introduced and read first 02
time, referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND SECTION 38-55-30, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LIMITATION OF RISK BY INSURERS, SO AS TO APPLY THE LIMITATION TO CAPTIVES AND DEFINE THE TERM.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 38-55-30 of the 1976 Code is amended to read:
"Section 38-55-30. Except as otherwise provided in this title, no insurer or captive doing business in this State may expose itself to any a loss on any one risk in an amount exceeding ten percent of its surplus to policyholders. Any A risk or portion of any risk it which has been reinsured must be deducted in determining the limitation of risk prescribed in this section. As used in this section, `captive' means an insurance company owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies, or for groups and associations, an insurance organization owned by the insureds whose exclusive purpose is to insure risks of member organizations or group members and their affiliates, or both."
SECTION 2. This act takes effect upon approval by the Governor.