Current StatusView additional legislative information at the LPITS web site.Bill Number: 2632 Ratification Number: 231 Act Number 163 Introducing Body: House Subject: Governing board of the South Carolina Reinsurance Facility
(A163, R231, H2632)
AN ACT TO AMEND SECTION 38-37-790, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE GOVERNING BOARD OF THE SOUTH CAROLINA REINSURANCE FACILITY, SO AS TO INCREASE THE TOTAL NUMBER OF PERSONS ON THE BOARD FROM FIFTEEN TO SEVENTEEN, PROVIDE THAT THE GOVERNOR'S APPOINTEES, WHO REPRESENT CONSUMERS, MUST ALL BE RESIDENTS OF SOUTH CAROLINA, PROVIDE THAT OF THE PARTICULAR GROUP OF EIGHT PERSONS APPOINTED BY THE CHIEF INSURANCE COMMISSIONER TO THE BOARD TO REPRESENT THE INSURANCE INDUSTRY, NOT LESS THAN FIVE MUST BE RESIDENTS OF SOUTH CAROLINA AND THAT THOSE WHO ARE NOT RESIDENTS OF SOUTH CAROLINA MUST HAVE CERTAIN JOB RESPONSIBILITIES TYING THEM TO SOUTH CAROLINA, PROVIDE THAT ALL FOUR PERSONS APPOINTED BY THE CHIEF INSURANCE COMMISSIONER TO REPRESENT PRODUCERS MUST BE RESIDENTS OF THIS STATE, AND REQUIRE THE CHIEF INSURANCE COMMISSIONER TO APPOINT TWO NEW PERSONS TO THE BOARD TO REPRESENT THE DESIGNATED AGENTS.
Be it enacted by the General Assembly of the State of South Carolina:
Membership increased; qualifications of certain members
SECTION 1. The first paragraph of Section 38-37-790 of the 1976 Code is amended to read:
"The operations and affairs of the Facility are under the direction and control of a governing board of seventeen persons of whom three must be residents of South Carolina appointed by the Governor of South Carolina to represent consumers. The Commissioner shall appoint eight persons to represent the insurance industry; in appointing these persons, the Commissioner shall select two persons from a list of not less than five persons nominated by the American Insurance Association from the officers or employees of insurers which are licensed in South Carolina and which are members or subscribers of that organization; he shall select two persons from a list of not less than five persons nominated by the American Mutual Insurance Alliance from the officers or employees of insurers which are licensed in South Carolina and which are members or subscribers of that organization; he shall select two persons from a list of not less than five persons nominated by the National Association of Independent Insurers from the officers or employees of insurers which are licensed in South Carolina and which are members or subscribers of that organization; he shall select two persons, one of whom must be an officer or employee of a stock insurer licensed in South Carolina and not a member or subscriber of any of the said organizations, and one of whom must be an officer or employee of a nonstock insurer licensed in South Carolina and not a member or subscriber of any of the said organizations; however, of the eight persons appointed to represent the insurance industry, not less than five must be residents of South Carolina and those who are not residents of South Carolina must have job responsibilities that include the supervision over South Carolina operations; not less than two must be officers or employees of insurers licensed to transact automobile insurance in South Carolina and domiciled therein. The Commissioner shall appoint four persons to represent producers, all of whom must be residents of South Carolina; he shall select two such persons from a list of not less than five persons nominated by the stock agents' association and two persons from a list of not less than five persons nominated by the mutual agents' association. The Commissioner shall appoint two persons to represent the designated agents, one of whom must be an officer of a premium service finance company and the other of whom must be a designated agent and both of whom must be residents of South Carolina."
Time effective
SECTION 2. This act takes effect upon approval by the Governor.