Current Status Bill Number:204 Ratification Number:269 Act Number:260 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19970121 Primary Sponsor:Courson All Sponsors:Courson Drafted Document Number:res1223.jec Date Bill Passed both Bodies:19980203 Governor's Action:S Date of Governor's Action:19980220 Subject:Insurance, agents or brokers; surplus lines insurer; approval of placement, days within to file changed
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ ------ 19980306 Act No. A260 ------ 19980220 Signed by Governor ------ 19980217 Ratified R269 House 19980203 Read third time, enrolled for ratification House 19980129 Read second time House 19980128 Committee report: Favorable 26 HLCI House 19970401 Introduced, read first time, 26 HLCI referred to Committee Senate 19970326 Read third time, sent to House Senate 19970325 Read second time, unanimous consent for third reading on Wednesday, 19970326 Senate 19970320 Committee report: Favorable 02 SBI Senate 19970121 Introduced, read first time, 02 SBI referred to CommitteeView additional legislative information at the LPITS web site.
(A260, R269, S204)
AN ACT TO AMEND SECTION 38-45-110, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PLACING INSURANCE WITH A SURPLUS LINES INSURER, SO AS TO CHANGE FROM TWENTY TO THIRTY THE NUMBER OF DAYS WITHIN WHICH A BROKER MUST FILE A WRITTEN REQUEST WITH THE DEPARTMENT OF INSURANCE FOR APPROVAL OF THE PLACEMENT.
Be it enacted by the General Assembly of the State of South Carolina:
Filing time for request for approval of placement extended
SECTION 1. Section 38-45-110 of the 1976 Code, as amended by Act 181 of 1993, is further amended to read:
Section 38-45-110. Within thirty days after placing of insurance with an eligible surplus lines insurer, or the effective date of the policy, whichever comes first, a broker shall file with the department a written request for approval of the placement. The request must be filed on forms furnished by the department. The broker shall write or stamp upon the face of each policy and application of an eligible surplus lines insurer the words 'This company not licensed to do business in this State and not afforded guaranty fund protection'. If for any reason the director or his designee disapproves the placement, the broker shall refund the full premium to the policyholder. In the event the broker fails to file the request for approval in the time required, the director or his designee may impose a penalty not to exceed five percent of the total premium.
Time effective
SECTION 2. This act takes effect upon approval by the Governor.
Approved the 20th day of February, 1998.