Bill 3553

                    Current Status

Introducing Body:               House
Bill Number:                    3553
Ratification Number:            68
Act Number:                     176
Primary Sponsor:                J. Bailey
Type of Legislation:            JR
Subject:                        Insurance, Hurricane Hugo
Companion Bill Number:          678
Date Bill Passed both Bodies:   Apr 04, 1991
Computer Document Number:       NO5/7258.BD
Governor's Action:              S
Date of Governor's Action:      Apr 25, 1991
Introduced Date:                Feb 20, 1991
Last History Body:              ------
Last History Date:              Apr 25, 1991
Last History Type:              Act No. 176
Scope of Legislation:           Statewide
All Sponsors:                   J. Bailey
                                Corning
                                McElveen
                                Quinn
                                Scott
Type of Legislation:            Joint Resolution

 Bill  Body    Date          Action Description              CMN
 ----  ------  ------------  ------------------------------  ---
 3553  ------  Apr 25, 1991  Act No. 176
 3553  ------  Apr 25, 1991  Signed by Governor
 3553  ------  Apr 18, 1991  Ratified R 68
 3553  Senate  Apr 04, 1991  Read third time, enrolled for
                             ratification
 3553  Senate  Apr 03, 1991  Read second time
 3553  Senate  Apr 02, 1991  Recalled from Committee         02
 3553  Senate  Apr 02, 1991  Introduced, read first time,    02
                             referred to Committee
 3553  House   Mar 28, 1991  Read third time, sent to
                             Senate
 3553  House   Mar 26, 1991  Read second time
 3553  House   Mar 20, 1991  Committee Report: Favorable     26
 3553  House   Feb 20, 1991  Introduced, read first time,    26
                             referred to Committee

(A176, R68, H3553)

A JOINT RESOLUTION TO AUTHORIZE THE OPERATION LOSSES OF THE REINSURANCE FACILITY FOR A TWELVE-MONTH PERIOD ATTRIBUTABLE TO HURRICANE HUGO TO BE RECOUPED IN THE SUBSEQUENT THIRTY-SIX MONTH PERIOD BY UTILIZING AN ON-LEVEL RECOUPMENT CHARGE COMPONENT BY APPLICABLE COVERAGE FOR ALL RISKS REGARDLESS OF THE SURCHARGE POINTS OF EACH RISK UNDER THE UNIFORM MERIT RATING PLAN.

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

Recoupment of operation losses of the Reinsurance Facility due to Hurricane Hugo

SECTION 1. The operation losses of the South Carolina Reinsurance Facility for a twelve-month period attributable to Hurricane Hugo, at the discretion of the Chief Insurance Commissioner and upon the recommendation of the governing board of the facility, may be recouped in the subsequent thirty-six month period by utilizing an on-level recoupment charge component by applicable coverage for all risks regardless of the number of surcharge points of each risk under the Uniform Merit Rating Plan.

Time effective

SECTION 2. This joint resolution takes effect upon approval by the Governor.

Approved the 25th day of April, 1991.