S*151 Session 104 (1981-1982)
S*0151(Rat #0029, Act #0011 of 1981) General Bill, By
Senate Banking and Insurance
Similar(S 68)
A Bill to amend Sections 38-47-30 and 38-47-70, as amended, of the Code of
Laws of South Carolina, 1976, relating to the issuance of licenses to
insurance brokers and the disposition of license fees, so as to provide for
the quarterly payment of the broker's premium tax and to provide for an annual
accounting of the disposition of license fees by the Chief Insurance
Commissioner to the State Treasurer instead of a semi-annual accounting.
02/03/81 Senate Introduced, read first time, placed on calendar
without reference SJ-10
02/04/81 Senate Read second time SJ-10
02/05/81 Senate Read third time and sent to House SJ-8
02/10/81 House Introduced and read first time HJ-535
02/10/81 House Referred to Committee on Labor, Commerce and
Industry HJ-536
02/25/81 House Committee report: Favorable Labor, Commerce and
Industry HJ-754
02/26/81 House Read second time HJ-816
03/03/81 House Read third time and enrolled HJ-877
03/04/81 Senate Ratified R 29 SJ-61
03/10/81 Signed By Governor
03/10/81 Effective date 03/10/81
03/10/81 Act No. 11
03/23/81 Copies available
(A11, R29, S151)
AN ACT TO AMEND SECTIONS 38-47-30 AND 38-47-70, AS AMENDED, OF THE CODE OF LAWS
OF SOUTH CAROLINA, 1976, RELATING TO THE ISSUANCE OF LICENSES TO INSURANCE
BROKERS AND THE DISPOSITION OF LICENSE FEES, SO AS TO PROVIDE FOR THE
QUARTERLY PAYMENT OF THE BROKER'S PREMIUM TAX AND TO PROVIDE FOR AN ANNUAL
ACCOUNTING OF THE DISPOSITION OF LICENSE FEES BY THE CHIEF INSURANCE
COMMISSIONER TO THE STATE TREASURER INSTEAD OF A SEMI-ANNUAL ACCOUNTING.
Be it enacted by the General Assembly of the State of South Carolina:
Payment of brokers premium tax
SECTION 1. Item (3) of Section 38-47-30 of the 1976 Code is amended to read:
"(3) The payment to the Commissioner, within thirty days after March thirty-first, June thirtieth,
September thirtieth and December thirty-first of each year, of a broker's premium tax of four percent upon
the premiums approved for policies of companies not licensed in this State. Credit may be given for tax on
policies canceled flat within forty-five days of the date of approval provided the broker will certify to the
Commissioner the business was placed in good faith and the policy was canceled at the request of the
insured."
Accounting of the disposition of license fees
SECTION 2. Section 38-47-70 of the 1976 Code, as last amended by Act 585 of 1978, is further amended
to read:
"Section 38-47-70. As soon after December thirty-first of each year as may be convenient, the
Commissioner shall render an accounting to the State Treasurer of the additional license fees collected under
the terms of this chapter showing the counties in which the risk covered by such insurance is located and shall
furnish a duplicate of such accounting to the Comptroller General. The Comptroller General shall draw his
warrant on the State Treasurer for one-fourth of such additional license fees, payable to the county treasurer
of the county in which the risk is located. The amount so paid shall be for general county purposes. He shall
likewise draw his warrant on the State Treasurer for one-fourth of such additional license fees, payable to the
treasurer of the municipality in which the risk is located. The Comptroller shall likewise draw his warrant on
the State Treasurer for one-fourth of the additional license fees collected on property insurance, payable to
the County Treasurer of the county in which the property is located. The County Treasurer shall distribute
such additional license fees in accordance with the requirements of Sections 38-57-60 through
38-57-210."
Time effective
SECTION 3. This act shall take effect upon approval by the Governor. |