Current Status Introducing Body:Senate Bill Number:1390 Ratification Number:518 Act Number:436 Primary Sponsor:Committee (02) Type of Legislation:GB Subject:Insurance, workers' compensation Date Bill Passed both Bodies:May 29, 1992 Computer Document Number:BBM/9787.JM Governor's Action:S Date of Governor's Action:Jun 15, 1992 Introduced Date:Mar 12, 1992 Last History Body:------ Last History Date:Jun 15, 1992 Last History Type:Act No. 436 Scope of Legislation:Statewide Sponsor Committee:Banking and Insurance Sponsor Committee Number:02 Type of Legislation:General Bill
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
1390 ------ Jun 15, 1992 Act No. 436
1390 ------ Jun 15, 1992 Signed by Governor
1390 ------ Jun 04, 1992 Ratified R 518
1390 House May 29, 1992 Read third time, enrolled for
ratification
1390 House May 28, 1992 Read second time, unanimous
consent for third reading on
next Legislative day
1390 House May 27, 1992 Debate adjourned
1390 House May 19, 1992 Committee Report: Favorable 26
with amendment
1390 House Mar 24, 1992 Introduced, read first time, 26
referred to Committee
1390 Senate Mar 19, 1992 Read third time, sent to House
1390 Senate Mar 17, 1992 Read second time, notice of
general amendments
1390 Senate Mar 12, 1992 Introduced, read first time,
placed on Calendar without
reference
View additional legislative information at the LPITS web site.
(A436, R518, S1390)
AN ACT TO AMEND SECTION 38-73-540, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INSURANCE, CASUALTY AND SURETY RATES, AND ASSIGNED RISKS, SO AS TO PROVIDE THAT NO INSURER MAY ACT AS A SERVICING CARRIER FOR ANY ASSIGNED RISK POOL FOR WORKERS' COMPENSATION INSURANCE UNLESS THE INSURER PARTICIPATES IN THE VOLUNTARY MARKET FOR WORKERS' COMPENSATION INSURANCE IN THE STATE, AND PROVIDE FOR CERTAIN SERVICING CARRIER CONTRACTS IN CONNECTION WITH AND RELATION TO THE PROVISIONS OF THIS SECTION.
Be it enacted by the General Assembly of the State of South Carolina:
Participation in voluntary marker for workers' compensation; inapplicable to certain contracts; renewal
SECTION 1. Section 38-73-540 of the 1976 Code, as last amended by Act 104 of 1991, is further amended to read:
"Section 38-73-540. (A) Agreements may be made among insurers with respect to the equitable apportionment among them of insurance which may be afforded applicants who are in good faith entitled to, but who are unable to procure, insurance through ordinary methods, and the insurers may agree among themselves on the use of reasonable rate modifications for this insurance. These agreements and rate modifications are subject to the commissioner's approval. However, regardless of any provision of this section or this article to the contrary, assigned risk pools shall accept a policy of workers' compensation insurance on the basis that it provides coverage to a vendor who provides logging services to a named insured or on the basis that the policy provides coverage to an association of these vendors.
(B)(1) Notwithstanding the provisions of subsection (A), no insurer may act as a servicing carrier for any assigned risk pool for workers' compensation insurance authorized pursuant to subsection (A) unless such insurer participates in the voluntary market for workers' compensation insurance in this State.
(2) The provisions of this subsection (B) do not apply to servicing carrier contracts entered into before the effective date of this subsection (B). No servicing carrier contract in existence on the effective date of this subsection (B) may be renewed unless there is compliance with part (1) of this subsection."
Time effective
SECTION 2. This act takes effect upon approval by the Governor.
Approved the 15th day of June, 1992.