S*226 Session 103 (1979-1980)
S*0226(Rat #0316, Act #0306 of 1980) General Bill, By
Senate Banking and Insurance
Similar(S 96, H 2149)
A Bill to amend Sections 38-5-310, 38-43-930 and 38-45-160, Code of Laws of
South Carolina, 1976, relating to the maximum charge for the annual fixed
license fee for insurance companies, the license fee for companies acting as
rating organizations and the license fee for attorneys executing reciprocal
contracts, so as to increase the annual license fees for reciprocals and
rating organizations, to issue a permanent license and change the renewal date
for rating organizations and increase the license fee for attorneys executing
reciprocal contracts.
01/30/79 Senate Introduced, read first time, placed on calendar
without reference SJ-10
02/06/79 Senate Read second time SJ-8
02/06/79 Senate Ordered to third reading with notice of amendments SJ-8
02/08/79 Senate Read third time and sent to House SJ-13
02/13/79 House Introduced and read first time HJ-528
02/13/79 House Referred to Committee on Labor, Commerce and
Industry HJ-528
01/08/80 House Committee report: Favorable with amendment Labor,
Commerce and Industry HJ-26
01/09/80 House Amended HJ-72
01/09/80 House Read second time HJ-72
01/10/80 House READ THIRD TIME HJ-155
01/10/80 House Returned HJ-155
01/16/80 Senate Concurred in House amendment and enrolled SJ-5
01/17/80 Senate Ratified R 316
01/22/80 Signed By Governor
01/22/80 Effective date 07/01/80
01/22/80 Act No. 306
02/07/80 Copies available
(A306, R316, S226)
AN ACT TO AMEND SECTIONS 38-5-310, 38-43-930 AND 38-45-160, CODE OF LAWS OF
SOUTH CAROLINA, 1976, RELATING TO THE MAXIMUM CHARGE FOR THE ANNUAL FIXED
LICENSE FEE FOR INSURANCE COMPANIES, THE LICENSE FEE FOR COMPANIES ACTING AS
RATING ORGANIZATIONS AND THE LICENSE FEE FOR ATTORNEYS EXECUTING RECIPROCAL
CONTRACTS, SO AS TO INCREASE THE ANNUAL LICENSE FEES FOR RECIPROCALS AND
RATING ORGANIZATIONS, TO ISSUE A PERMANENT LICENSE AND CHANGE THE RENEWAL DATE
FOR RATING ORGANIZATIONS AND INCREASE THE LICENSE FEE FOR ATTORNEYS EXECUTING
RECIPROCAL CONTRACTS.
Be it enacted by the General Assembly of the State of South Carolina:
Annual fixed license fees; collection and disposition
Section 1. Section 38-5-310 of the 1976 Code is amended to read:
"Section 38-5-310. The Chief Insurance Commissioner shall collect, in
addition to all other license fees or taxes provided by law, from all
companies which shall be licensed by him to do business in this State, an
annual fixed license fee of one hundred dollars for each kind of insurance for
which the company is licensed as defined in items (a) through (g) of Section
38-5-20; provided, however, each mutual company doing a property business only
in no more than three counties shall pay an annual fixed license fee of fifty
dollars and each mutual company doing a property business only in a single
county shall pay an annual fixed license fee of twenty dollars.
All of such insurance license fees collected by the Chief Insurance
Commissioner shall be paid over to the State Treasurer at least once a
month."
Issuance or denial of license; fee
Section 2. Section 38-43-930 of the 1976 Code is amended to read:
"Section 38-43-930. If the commissioner finds that the applicant is
competent, trustworthy and otherwise qualified to act as a rating organization
and that its constitution, articles of agreement or association or certificate
of incorporation and its bylaws, rules and regulations governing the conduct
of its business conform to the requirements of law, he shall issue a license
specifying the kinds of insurance or subdivision or class of risk or part or
combination thereof for which the applicant is authorized to act as a rating
organization. Every such application shall be granted or denied in whole or in
part by the commissioner within sixty days of the date of its filing with him.
Licenses issued pursuant to this section shall remain in effect for an
indefinite term unless sooner suspended or revoked by the commissioner. The
fee for such license shall be two hundred dollars owed and paid within sixty
days after the thirty-first of December of each year."
Fees, taxes and bond of attorney
Section 3. Section 38-45-160 of the 1976 Code is amended to read:
"Section 38-45-160. Each attorney shall pay a license fee of two
hundred dollars upon the issuance of the certificate of authority and annually
thereafter for renewal thereof. In addition to such fee, each attorney shall
pay all of the taxes provided by law on companies doing a like business in
this State and shall file the bond required of other companies doing a like
class of business."
Time effective
Section 4. This act shall take effect July 1, 1980. |