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 CommitteeView additional legislative information at the LPITS web site.
(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.