Amend the bill, as and if amended, page 2, by striking lines 21 through 30, in Section 15-78-120(a), as contained in SECTION 1, and inserting therein the following:
/ (6) Starting July 1, 2021, and every year thereafter, the Revenue and Fiscal Affairs Office, Board of Economic Advisors, must determine the increase or decrease in the ratio of the Consumer Price Index for all Urban Consumers (CPI-U), South Region, published by the U.S. Department of Labor, to the Index of June 30 of the previous year, and all limitations on liability amounts allowed by Sections 15-78-120(a)(1) through (4) must be adjusted accordingly. As soon as practicable after this adjustment is calculated, the Director of the Revenue and Fiscal Affairs Office shall submit the revised limitation on liability amounts as allowed by Section 15-78-120(a)(1) through (4) to the State Register for publication pursuant to Section 1-23-40(2) and to the Director of the Insurance Reserve Fund. The revised limitation on liability amounts becomes effective on July first of each year, starting July 1, 2021. As soon as practicable after this adjustment is calculated and the revised limitation on liability amounts is sent to the Director of the Insurance Reserve Fund, the Director of the Insurance Reserve Fund shall publish the revised limitation on liability amounts on the Insurance Reserve Fund's internet website." /
Amend the bill further, as and if amended, page 2, by striking line 32, as contained in SECTION 2, and inserting therein the following:
/ SECTION 2. Upon approval by the Governor, this act takes effect July 1, 2020, for causes of action with a date of loss arising on or after July 1, 2020. /
Renumber sections to conform.
Amend title to conform.