S 0974 General Bill, By Saleeby, Courtney, Land, McConnell and Rankin

Similar(H 4494)
 A Bill to amend Section 38-31-60, as amended, Code of Laws of South Carolina,
 1976, relating to the powers and duties of the South Carolina Property and
 Casualty Insurance Guaranty Association, so as to provide that a covered claim
 does not include any claim filed with the Association after the final date set
 by a court for the filing of claims against the liquidator or receiver of an
 insolvent insurer or any claim filed with the Association more than eighteen
 months after the declaration of insolvency, whichever date occurs first.

   01/11/94  Senate Introduced and read first time SJ-54
   01/11/94  Senate Referred to Committee on Banking and Insurance SJ-54

A BILL

TO AMEND SECTION 38-31-60, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE POWERS AND DUTIES OF THE SOUTH CAROLINA PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOCIATION, SO AS TO PROVIDE THAT A COVERED CLAIM DOES NOT INCLUDE ANY CLAIM FILED WITH THE ASSOCIATION AFTER THE FINAL DATE SET BY A COURT FOR THE FILING OF CLAIMS AGAINST THE LIQUIDATOR OR RECEIVER OF AN INSOLVENT INSURER OR ANY CLAIM FILED WITH THE ASSOCIATION MORE THAN EIGHTEEN MONTHS AFTER THE DECLARATION OF INSOLVENCY, WHICHEVER DATE OCCURS FIRST.

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

SECTION 1. Section 38-31-60(a)(2) of the 1976 Code is amended to read:

"(2) the insured's coverage is written subject to a self-insured retention equal to or in excess of three hundred thousand dollars. If the primary coverage and self-insured retention is less than three hundred thousand dollars, the association's obligation to the claimant is reduced by the coverage or retention. The Guaranty Association shall pay the full amount of a covered workers' compensation claim to a claimant notwithstanding any self-insured retention but the Guaranty Association has the right to recover the amount of the self-insured retention from the employer. The association is not obligated to pay a claimant an amount in excess of the obligation of the insolvent insurer under the policy or coverage from which the claim arises. A covered claim does not include any claim filed with the association after the final date set by a court for the filing of claims against the liquidator or receiver of an insolvent insurer, or any claim filed with the association more than eighteen months after the declaration of insolvency, whichever date occurs first. The association shall pay only that amount of each unearned premium which is in excess of one hundred dollars;".

SECTION 2. This act takes effect upon approval by the Governor.