H*4662(Rat #0166, Act #0161 of 2016)  General Bill, By Gambrell
 AN ACT TO REENACT THE INTERSTATE INSURANCE PRODUCT REGULATION COMPACT AND
 RELATED PROVISIONS, ENACTED BY SECTIONS 1, 2, 3, AND 5, ACT 339 OF 2008, WHICH
 EXPIRED ON JUNE 1, 2014, AND TO MAKE THESE REENACTED PROVISIONS RETROACTIVE TO
 THIS EXPIRATION DATE, AND TO SPECIFICALLY NOT REENACT CERTAIN OBSOLETE
 PROVISIONS. - ratified title

   01/13/16  House  Introduced and read first time (House Journal-page 14)
   01/13/16  House  Referred to Committee on Labor, Commerce and
                     Industry (House Journal-page 14)
   01/21/16  House  Committee report: Favorable Labor, Commerce and
                     Industry (House Journal-page 2)
   01/26/16  House  Read second time (House Journal-page 27)
   01/26/16  House  Roll call Yeas-98  Nays-0 (House Journal-page 28)
   01/27/16  House  Read third time and sent to Senate
                     (House Journal-page 16)
   01/28/16  Senate Introduced and read first time (Senate Journal-page 10)
   01/28/16  Senate Referred to Committee on Banking and Insurance
                     (Senate Journal-page 10)
   04/05/16  Senate Committee report: Favorable Banking and Insurance
                     (Senate Journal-page 6)
   04/07/16  Senate Read second time (Senate Journal-page 31)
   04/07/16  Senate Roll call Ayes-37  Nays-0 (Senate Journal-page 31)
   04/12/16  Senate Read third time and enrolled (Senate Journal-page 10)
   04/19/16         Ratified R 166
   04/21/16         Signed By Governor
   04/27/16         Effective date 04/21/16
   05/02/16         Act No. 161

(A161, R166, H4662)

AN ACT TO REENACT THE INTERSTATE INSURANCE PRODUCT REGULATION COMPACT AND RELATED PROVISIONS, ENACTED BY SECTIONS 1, 2, 3, AND 5, ACT 339 OF 2008, WHICH EXPIRED ON JUNE 1, 2014, AND TO MAKE THESE REENACTED PROVISIONS RETROACTIVE TO THIS EXPIRATION DATE, AND TO SPECIFICALLY NOT REENACT CERTAIN OBSOLETE PROVISIONS.

Whereas, the South Carolina General Assembly finds that it enacted the Interstate Insurance Product Regulation Compact in Act 339 of 2008, effective January 1, 2009, for the purposes of regulating certain designated insurance products and advertisement of those products uniformly among the states that are compact members and to authorize this State to join the compact; and

Whereas, the South Carolina General Assembly finds that the Interstate Insurance Product Regulation Compact proved very successful and was very beneficial to this State; and

Whereas, the South Carolina General Assembly finds that the provisions of Act 339 of 2008 expired on June 1, 2014, pursuant to the provisions of Section 6 of the act, but now should be reenacted retroactive to this expiration date in light of the success and benefits of the compact. Now, therefore,

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

Certain expired provisions reenacted, retroactive application

SECTION    1.    The Interstate Insurance Product Regulation Compact, as established by Section 2, Act 339 of 2008, and contained in Chapter 95, Title 38, and related provisions contained in Sections 1, 3, and 5, Act 339 of 2008, all are reenacted as provided in Act 339 of 2008, retroactive to June 1, 2014, when the act expired. The reporting requirements of Section 4, and the expiration provision of Section 6, Act 339 of 2008, are not reenacted.

Time effective

SECTION    2.    This act takes place upon approval of the Governor.

Ratified the 19th day of April, 2016.

Approved the 21st day of April, 2016.