South Carolina Legislature




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Session 117 - (2007-2008)Printer Friendly
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S 0499 General Bill, By Rankin, Elliott, Thomas, McConnell, Cleary, Grooms, Verdin, Campsen, Ford and Knotts
Similar (H 3675)
Summary: Coastal Captive Insurance Act of 2007
    A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING ARTICLE 5 TO CHAPTER 90, TITLE 38 SO AS TO ENACT THE "SOUTH CAROLINA COASTAL CAPTIVE INSURANCE ACT OF 2007", TO PROVIDE FOR THE MANNER IN WHICH A SOUTH CAROLINA COASTAL CAPTIVE INSURANCE COMPANY MAY BE FORMED, LICENSED, AND REGULATED, TO DEFINE AND TO LIMIT THE TYPES OF RISK A SOUTH CAROLINA COASTAL CAPTIVE INSURANCE COMPANY MAY UNDERWRITE, TO ESTABLISH MINIMUM CAPITALIZATION REQUIREMENTS FOR SOUTH CAROLINA COASTAL CAPTIVE INSURANCE COMPANIES, AND TO PERMIT THE DIRECTOR OF THE DEPARTMENT OF INSURANCE TO SET ADDITIONAL DISCRETIONARY CAPITALIZATION REQUIREMENTS NECESSARY TO PROTECT THE PUBLIC, AND TO PROVIDE FOR CERTAIN REQUIRED DISCLOSURES TO CONSUMERS IN ALL APPLICATIONS FOR INSURANCE AND POLICIES.
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02/28/07Senate Introduced and read first time SJ-13
02/28/07Senate Referred to Committee on Banking and Insurance SJ-13
03/21/07Senate Committee report: Favorable Banking and Insurance SJ-14
03/27/07Senate Amended SJ-11
03/28/07 Scrivener's error corrected
04/25/07Senate Amended SJ-35
04/25/07Senate Read second time SJ-35
04/26/07Senate Read third time and sent to House SJ-16
05/01/07House Introduced and read first time HJ-7
05/01/07House Referred to Committee on Labor, Commerce and Industry HJ-7



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