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Indicates Matter Stricken
Indicates New Matter
S. 405
STATUS INFORMATION
Senate Resolution
Sponsors: Senators Malloy, Reese, Scott, Drummond, Knotts, Hutto, Ford, Sheheen, Mescher, Rankin, Williams, McConnell, Jackson, Leventis, Pinckney, McGill, Cleary, Moore, Matthews, Land, Short, Anderson, Gregory and Elliott
Document Path: l:\s-jud\bills\malloy\jud0050.gm.doc
Introduced in the Senate on February 7, 2007
Currently residing in the Senate Committee on Banking and Insurance
Summary: Senate Banking and Insurance Committee
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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2/7/2007 Senate Introduced SJ-20
2/7/2007 Senate Referred to Committee on Banking and Insurance SJ-20
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
REQUESTING THE SENATE BANKING AND INSURANCE COMMITTEE TO CONDUCT OVERSIGHT HEARINGS WITH RESPECT TO THE OPERATIONS AND MANAGEMENT OF THE SOUTH CAROLINA DEPARTMENT OF INSURANCE AND REPORT TO THE SENATE ITS FINDINGS AND ANY RECOMMENDATIONS RESULTING FROM THESE OVERSIGHT HEARINGS.
Whereas, the protection of the public interest, the interests of insurance consumers, and the insurance marketplace requires efficient state regulation of the insurance business; and
Whereas, in this State, insurance regulation is the responsibility of the South Carolina Department of Insurance. Now, therefore,
Be it resolved by the Senate:
That the Senate Banking and Insurance Committee is requested to organize and conduct oversight hearings with respect to the operation of the South Carolina Department of Insurance for the purpose of ensuring that the department is operating efficiently and succeeding in its mission of protecting the public interest, the interests of insurance consumers, and the insurance marketplace through its regulation of the insurance business in this State.
The hearings shall primarily focus on, but in no way be limited to, the following subjects:
(1) all data collection methods currently employed by the department, including a description of the data companies are required to report, as well as the department's review process for such data;
(2) the reliability of data collected and the department's method for ensuring the reliability of such data;
(3) the department's review process with respect to rate requests or filings for any and all lines of insurance;
(4) "turn-around" time with respect to the department's review of rate requests or filings for any and all lines of insurance;
(5) the role of the department in the rate making process for any and all lines of insurance;
(6) the frequency of audits and examinations performed by the department with respect to all insurers, including captive insurers and domestic insurers, and a thorough review of each process;
(7) the department's process for maintaining accreditation standards;
(8) recent personnel decisions as they relate to the ongoing management of the department, as well as details related to non-personnel expenditures;
(9) the department's process for monitoring and ensuring the solvency of insurers operating in the State of South Carolina;
(10) department oversight relative to reliability, accuracy, and focus of data presented by associations in rate making processes and filings;
(11) department analysis of overhead components in loss costs multipliers and reimbursement credits from subrogation and Second Injury Fund to include effects on rates and rate filings; and
(12) department analysis and oversight of the operations of all property and casualty insurers in South Carolina including, but not limited to, their rate making models and criteria in general.
Be it further resolved that on completion of these oversight hearings that the committee report to the Senate its findings and any recommendations with respect to the oversight hearings.
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