South Carolina General Assembly
108th Session, 1989-1990

Bill 1114

                    Current Status

Bill Number:               1114
Ratification Number:       562
Act Number                 469
Introducing Body:          Senate
Subject:                   Windstorm and hail insurance
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A469, R562, S1114)

AN ACT TO AMEND SECTION 38-75-310, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE DEFINITIONS PERTAINING TO WINDSTORM AND HAIL INSURANCE; SECTION 38-75-320, RELATING TO THE PURPOSE OF THE WINDSTORM AND HAIL INSURANCE PROVISIONS; AND SECTION 38-75-330, RELATING TO THE CREATION AND MEMBERS OF THE WINDSTORM AND HAIL UNDERWRITING ASSOCIATION, SO AS TO CHANGE THE REFERENCES TO WINDSTORM TO WIND AND TO DEFINE THE WIND AND HAIL UNDERWRITING ASSOCIATION AND ITS MEMBERSHIP EXEMPTIONS.

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

Definitions

SECTION 1. Section 38-75-310(1) and (2) of the 1976 Code are amended to read:

"(1) 'Essential property insurance' means insurance against direct loss to property as defined and limited in the wind and hail insurance policy and forms approved by the commissioner.

(2) 'Association' means the South Carolina Wind and Hail Underwriting Association established pursuant to the provisions of this article."

Purpose

SECTION 2. Section 38-75-320 of the 1976 Code is amended to read:

"Section 38-75-320. The purpose of this article is to provide a method whereby wind and hail insurance may be obtained more easily and equitably in the coastal areas of this State."

Wind and Hail Underwriting Association

SECTION 3. Section 38-75-330 of the 1976 Code is amended to read:

"Section 38-75-330. There is created the South Carolina Wind and Hail Underwriting Association, an unincorporated association whose responsibilities, liability, and regulations are governed and defined by this article, consisting of all private insurers authorized to write and engage in writing property insurance within this State on a direct and statewide basis, but excluding insurers whose writings are limited to property wholly owned by parent, subsidiary, or allied organizations, or insurers whose writings are limited to property wholly owned by religious organizations, provided, however, as a condition of exemption from membership such insurers providing property insurance for insurable property in the coastal area as defined by this article shall also provide essential property insurance for such risks. Every such insurer must be a member of the association and must remain a member of the association so long as the association is in existence as a condition of its authority to continue to transact the business of insurance in this State."

Time effective

SECTION 4. This act takes effect upon approval by the Governor.

Approved the 14th day of May, 1990.