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Session 119 - (2011-2012)Printer Friendly
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S*1419 (Rat #0325, Act #0283 of 2012) General Bill, By Thomas, Ford and Hayes
Summary: Insurance brokers and surplus lines insurance
AN ACT TO AMEND CHAPTER 45, TITLE 38, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INSURANCE BROKERS AND SURPLUS LINES INSURANCE, SO AS TO DEFINE TERMS, TO PROVIDE THAT THE REVENUE COLLECTED FROM THE BROKER'S PREMIUM TAX RATE MUST BE CREDITED TO A SPECIAL EARMARKED FUND, TO PROVIDE THE MANNER IN WHICH THE FUND MAY BE USED AND DISBURSED, TO AUTHORIZE THE DIRECTOR OF THE DEPARTMENT OF INSURANCE TO CONDUCT EXAMINATIONS OF BROKER RECORDS, TO ALLOW THE DEPARTMENT OF INSURANCE TO PROMULGATE REGULATIONS NECESSARY TO IMPLEMENT THE CHAPTER, TO PROVIDE THE MANNER IN WHICH THE NONADMITTED AND REINSURANCE REFORM ACT OF 2010 MAY BE IMPLEMENTED; AND TO AMEND SECTION 38-7-160, RELATING TO MUNICIPAL LICENSE FEES AND TAXES, SO AS TO DISALLOW A MUNICIPALITY FROM CHARGING AN ADDITIONAL LICENSE FEE OR TAX BASED UPON A PERCENTAGE OF PREMIUMS FOR PURPOSES OF SURPLUS LINES INSURANCE. - ratified title
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Summary: Insurance brokers and surplus lines insurance
AN ACT TO AMEND CHAPTER 45, TITLE 38, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INSURANCE BROKERS AND SURPLUS LINES INSURANCE, SO AS TO DEFINE TERMS, TO PROVIDE THAT THE REVENUE COLLECTED FROM THE BROKER'S PREMIUM TAX RATE MUST BE CREDITED TO A SPECIAL EARMARKED FUND, TO PROVIDE THE MANNER IN WHICH THE FUND MAY BE USED AND DISBURSED, TO AUTHORIZE THE DIRECTOR OF THE DEPARTMENT OF INSURANCE TO CONDUCT EXAMINATIONS OF BROKER RECORDS, TO ALLOW THE DEPARTMENT OF INSURANCE TO PROMULGATE REGULATIONS NECESSARY TO IMPLEMENT THE CHAPTER, TO PROVIDE THE MANNER IN WHICH THE NONADMITTED AND REINSURANCE REFORM ACT OF 2010 MAY BE IMPLEMENTED; AND TO AMEND SECTION 38-7-160, RELATING TO MUNICIPAL LICENSE FEES AND TAXES, SO AS TO DISALLOW A MUNICIPALITY FROM CHARGING AN ADDITIONAL LICENSE FEE OR TAX BASED UPON A PERCENTAGE OF PREMIUMS FOR PURPOSES OF SURPLUS LINES INSURANCE. - ratified title
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| 04/10/12 | Senate | Introduced and read first time (Senate Journal-page 12) |
| 04/10/12 | Senate | Referred to Committee on Banking and Insurance (Senate Journal-page 12) |
| 04/12/12 | Senate | Committee report: Favorable Banking and Insurance (Senate Journal-page 7) |
| 04/17/12 | Scrivener's error corrected | |
| 04/18/12 | Senate | Read second time (Senate Journal-page 35) |
| 04/18/12 | Senate | Roll call Ayes-42 Nays-0 (Senate Journal-page 35) |
| 04/19/12 | Senate | Read third time and sent to House (Senate Journal-page 20) |
| 04/24/12 | House | Introduced and read first time (House Journal-page 20) |
| 04/24/12 | House | Referred to Committee on Labor, Commerce and Industry (House Journal-page 20) |
| 05/17/12 | House | Committee report: Favorable with amendment Labor, Commerce and Industry (House Journal-page 6) |
| 05/23/12 | House | Debate adjourned until Thur., 05-24-12 (House Journal-page 30) |
| 05/24/12 | House | Requests for debate-Rep(s). Anderson, Sandifer, White, Agnew, JR Smith, Whitmire, Gambrell, RL Brown, Brantley, Forrester, Toole, Frye, Pitts, GR Smith (House Journal-page 118) |
| 05/30/12 | House | Debate adjourned until Thur., 05-31-12 (House Journal-page 197) |
| 05/31/12 | House | Amended (House Journal-page 91) |
| 05/31/12 | House | Read second time (House Journal-page 91) |
| 05/31/12 | House | Roll call Yeas-95 Nays-0 (House Journal-page 92) |
| 06/05/12 | House | Read third time and returned to Senate with amendments (House Journal-page 113) |
| 06/28/12 | Senate | Concurred in House amendment and enrolled (Senate Journal-page 27) |
| 06/28/12 | Senate | Roll call Ayes-29 Nays-0 (Senate Journal-page 27) |
| 06/28/12 | Ratified R 325 | |
| 06/29/12 | Signed By Governor | |
| 07/17/12 | Effective date 01/01/12 | |
| 07/17/12 | Act No. 283 |