Rep. BAMBERG proposes the following amendment (LC-4817.WAB0001H):

Amend the bill, as and if amended, by adding an appropriately numbered SECTION to read:

SECTION X. Article 8, Chapter 75, Title 38 of the S.C. Code is amended by adding:

 Section 38-75-795. (A) With respect to property and casualty insurance policies issued or renewed in this State, if an insured has not filed or had paid on his behalf any property or casualty insurance claim for a period of:
 (1) five consecutive years, the insurer shall reduce the premium by not less than five percent, effective at the first renewal following the completion of the five-year period; and
 (2) ten consecutive years, the insurer shall reduce the premium by not less than twenty-five percent, effective at the first renewal following the completion of the ten-year period. The reduction required by this item supersedes the reduction in provided in item (1) and must be calculated based on the premium before any reduction applied pursuant to item (1).
 (B) An insurer may rescind a premium reduction provided pursuant to this section if the insured files or has paid on his behalf a property or casualty insurance claim. The rescission is effective beginning with the next renewal period.

Renumber sections to conform.

Amend title to conform.