H*3312(Rat #0336, Act #0324 of 1988)  General Bill, By J.D. Bradley, Boan and 
J.W. McLeod

Similar(S 907, S 1085)
 A Bill to amend Section 38-13-80, Code of Laws of South Carolina, 1976,
 relating to the requirement that every insurer file an annual statement with
 the Chief Insurance Commissioner showing the business standing and financial
 condition of the insurer, so as to require that the statement be verified by
 two of its principal officers instead of being signed by its president.

   10/06/87  House  Prefiled
   10/06/87  House  Referred to Committee on Labor, Commerce and Industry
   01/12/88  House  Introduced and read first time HJ-245
   01/12/88  House  Referred to Committee on Labor, Commerce and
                     Industry HJ-245
   01/20/88  House  Committee report: Favorable Labor, Commerce and
                     Industry HJ-411
   01/21/88  House  Read second time HJ-492
   01/26/88  House  Read third time and sent to Senate HJ-536
   01/27/88  Senate Introduced, read first time, placed on calendar
                     without reference SJ-16
   02/02/88  Senate Read second time SJ-26
   02/03/88  Senate Read third time and enrolled SJ-19
   02/18/88         Ratified R 336
   02/24/88         Signed By Governor
   02/24/88         Effective date 02/24/88
   02/24/88         Act No. 324
   03/08/88         Copies available

AN ACT TO AMEND SECTION 38-13-80, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REQUIREMENT THAT EVERY INSURER FILE AN ANNUAL STATEMENT WITH THE CHIEF INSURANCE COMMISSIONER SHOWING THE BUSINESS STANDING AND FINANCIAL CONDITION OF THE INSURER, SO AS TO REQUIRE THAT THE STATEMENT BE VERIFIED BY TWO OF ITS PRINCIPAL OFFICERS INSTEAD OF BEING SIGNED BY ITS PRESIDENT.

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

Statement to be filed

SECTION 1. Section 38-13-80 of the 1976 Code is amended to read:

"Section 38-13-80. Every insurer shall annually file with the Commissioner by March first, in the form and detail the Commissioner prescribes, a statement showing the business standing and financial condition of the insurer on December thirty-first of the preceding year, except that upon timely written request by the chief managing agent or officer setting forth reasons why the statement cannot be filed within the time provided, the Commissioner may grant in writing an extension of filing time for a period not to exceed thirty days. The annual statement must be verified by at least two of its principal officers, at least one of whom prepared or supervised the preparation of the annual statement. The Commissioner shall furnish each domestic insurer two blanks for its annual statement."

Time effective

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