S*0204(Rat #0269, Act #0260 of 1998)  General Bill, By Courson
 A BILL TO AMEND SECTION 38-45-110, CODE OF LAWS OF SOUTH CAROLINA, 1976,
 RELATING TO PLACING INSURANCE WITH A SURPLUS LINES INSURER, SO AS TO CHANGE
 FROM TWENTY TO THIRTY THE NUMBER OF DAYS WITHIN WHICH A BROKER MUST FILE A
 WRITTEN REQUEST WITH THE DEPARTMENT OF INSURANCE FOR APPROVAL OF THE
 PLACEMENT.

   01/21/97  Senate Introduced and read first time SJ-11
   01/21/97  Senate Referred to Committee on Banking and Insurance SJ-11
   03/20/97  Senate Committee report: Favorable Banking and Insurance SJ-10
   03/25/97  Senate Read second time SJ-10
   03/25/97  Senate Unanimous consent for third reading on next
                     legislative day SJ-10
   03/26/97  Senate Read third time and sent to House SJ-20
   04/01/97  House  Introduced and read first time HJ-20
   04/01/97  House  Referred to Committee on Labor, Commerce and
                     Industry HJ-20
   01/28/98  House  Committee report: Favorable Labor, Commerce and
                     Industry HJ-2
   01/29/98  House  Read second time HJ-6
   02/03/98  House  Read third time and enrolled HJ-12
   02/17/98         Ratified R 269
   02/20/98         Signed By Governor
   02/20/98         Effective date 02/20/98
   03/02/98         Copies available
   04/01/98         Act No. 260

AN ACT TO AMEND SECTION 38-45-110, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PLACING INSURANCE WITH A SURPLUS LINES INSURER, SO AS TO CHANGE FROM TWENTY TO THIRTY THE NUMBER OF DAYS WITHIN WHICH A BROKER MUST FILE A WRITTEN REQUEST WITH THE DEPARTMENT OF INSURANCE FOR APPROVAL OF THE PLACEMENT.

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

Filing time for request for approval of placement extended

SECTION 1. Section 38-45-110 of the 1976 Code, as amended by Act 181 of 1993, is further amended to read:

Section 38-45-110. Within thirty days after placing of insurance with an eligible surplus lines insurer, or the effective date of the policy, whichever comes first, a broker shall file with the department a written request for approval of the placement. The request must be filed on forms furnished by the department. The broker shall write or stamp upon the face of each policy and application of an eligible surplus lines insurer the words 'This company not licensed to do business in this State and not afforded guaranty fund protection'. If for any reason the director or his designee disapproves the placement, the broker shall refund the full premium to the policyholder. In the event the broker fails to file the request for approval in the time required, the director or his designee may impose a penalty not to exceed five percent of the total premium.

Time effective

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

Approved the 20th day of February, 1998.