Current StatusView additional legislative information at the LPITS web site.Bill Number: 4980 Ratification Number: 741 Act Number 600 Introducing Body: House Subject: Authority of Chief Insurance Commissioner
(A600, R741, H4980)
AN ACT TO AMEND SECTION 38-73-495, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE AUTHORITY OF THE CHIEF INSURANCE COMMISSIONER TO DISAPPROVE A PREVIOUSLY APPROVED RATE FOR A CLASSIFICATION OF WORKERS' COMPENSATION INSURANCE AND OTHER MATTERS RELATING TO WORKERS' COMPENSATION, SO AS TO AUTHORIZE THE COMMISSIONER TO DISAPPROVE AN EXPERIENCE MODIFICATION RATE UPON A FINDING THAT IT IS EXCESSIVE, INADEQUATE, OR UNFAIRLY DISCRIMINATORY.
Be it enacted by the General Assembly of the State of South Carolina:
Authority of commissioner
SECTION 1. Section 38-73-495 of the 1976 Code, as added by an act of 1990 bearing ratification number 337, is amended by adding:
"(4) disapprove an experience modification rate for workers' compensation insurance upon a finding that the rate is excessive, inadequate, or unfairly discriminatory."
Time effective
SECTION 2. This act takes effect upon approval by the Governor.
Approved the 25th day of June, 1990.