H*2260(Rat #0183, Act #0131 of 1981)  General Bill, By H.L. Barksdale, 
D. Blackwell, L. Blanding, J.D. Bradley, C.L. Griffin, S.P. Manning, 
D.F. McInnis and T.W. Mitchell
 A Bill to amend Section 38-47-130, Code of Laws of South Carolina, 1976,
 relating to the procedure for placing insurance with an insurer not licensed
 in this State, so as to require the broker to obtain written approval of the
 Chief Insurance Commissioner for placement of such insurance within a
 specified time frame and to provide a penalty.

   01/28/81  House  Introduced and read first time HJ-349
   01/28/81  House  Referred to Committee on Labor, Commerce and
                     Industry HJ-349
   04/08/81  House  Committee report: Favorable with amendment Labor,
                     Commerce and Industry HJ-1704
   04/14/81  House  Amended HJ-1832
   04/14/81  House  Read second time HJ-1832
   04/15/81  House  Read third time and sent to Senate HJ-1862
   04/15/81  Senate Introduced and read first time SJ-18
   04/15/81  Senate Referred to Committee on Banking and Insurance SJ-18
   06/04/81  Senate Committee report: Favorable with amendment
                     Banking and Insurance SJ-27
   06/10/81  Senate Amended SJ-45
   06/10/81  Senate Read second time SJ-45
   06/16/81  Senate  Read third time SJ-17
   06/16/81  Senate Returned SJ-17
   06/17/81  House  Debate adjourned HJ-3283
   06/18/81  House  Concurred in Senate amendment and enrolled HJ-3307
   06/23/81  House  Ratified R 183 HJ-3332
   06/25/81         Signed By Governor
   06/25/81         Effective date 01/01/82
   06/25/81         Act No. 131
   07/07/81         Copies available

AN ACT TO AMEND SECTION 38-47-130, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE PROCEDURE FOR PLACING INSURANCE WITH AN INSURER NOT LICENSED IN THIS STATE, SO AS TO REQUIRE THE BROKER TO OBTAIN WRITTEN APPROVAL OF THE CHIEF INSURANCE COMMISSIONER FOR PLACEMENT OF SUCH INSURANCE WITHIN A SPECIFIED TIME FRAME AND TO PROVIDE A PENALTY.

Be it enacted by the General Assembly of the State of South Carolina

Broker shall file with commissioner request for approval of placement

SECTION 1. Section 38-47-130 of the 1976 Code is amended to read:

"Section 38-47-130. Within twenty days after placing of insurance with an insurer not licensed in this State or the effective date of the policy, whichever comes first, a broker shall file with the Commissioner a written request for approval of the placement. The request shall be filed on forms furnished by the Commissioner. The broker shall write or stamp upon the face of each policy of an insurer not licensed in this State the words 'This company not licensed to do business in this State'. If for any reason the Commissioner disapproves the placement, the broker shall refund the full premium to the policyholder. In the event the broker fails to file the request for approval in the time required, the Commissioner may impose a penalty not to exceed five percent of the total premium. Any such penalty collected shall be deposited in the general fund of the State."

Time effective

SECTION 2. This act shall take effect January 1, 1982.