Bill 595

                    Current Status

Introducing Body:               Senate
Bill Number:                    595
Primary Sponsor:                Committee (02)
Committee Number:               26
Type of Legislation:            GB
Subject:                        Insurers, limitation to
                                captives
Residing Body:                  House
Current Committee:              Labor, Commerce and Industry
Companion Bill Number:          402 3244
Computer Document Number:       NO5/7197.BD
Introduced Date:                Feb 05, 1991
Last History Body:              House
Last History Date:              Feb 12, 1991
Last History Type:              Introduced, read first time,
                                referred to Committee
Scope of Legislation:           Statewide
Sponsor Committee:              Banking and Insurance
Sponsor Committee Number:       02
Type of Legislation:            General Bill

 Bill  Body    Date          Action Description              CMN
 ----  ------  ------------  ------------------------------  ---
 595   House   Feb 12, 1991  Introduced, read first time,    26
                             referred to Committee
 595   Senate  Feb 08, 1991  Read third time, sent to House
 595   Senate  Feb 07, 1991  Read second time, unanimous
                             consent for third reading on
                             Friday, February 8
 595   Senate  Feb 05, 1991  Placed on Calendar without
                             reference
 595   Senate  Feb 05, 1991  Introduced, read first time

Indicates Matter Stricken
Indicates New Matter

INTRODUCED

February 5, 1991

S. 595

S. Printed 2/5/91--S.

Read the first time February 5, 1991.

A BILL

TO AMEND SECTION 38-55-30, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LIMITATION OF RISK BY INSURERS, SO AS TO APPLY THE LIMITATION TO CAPTIVES AND DEFINE THE TERM.

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

SECTION 1. Section 38-55-30 of the 1976 Code is amended to read:

"Section 38-55-30. Except as otherwise provided in this title, no insurer or captive doing business in this State may expose itself to any a loss on any one risk in an amount exceeding ten percent of its surplus to policyholders. Any A risk or portion of any risk it which has been reinsured must be deducted in determining the limitation of risk prescribed in this section. As used in this section, `captive' means an insurance company owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies, or for groups and associations, an insurance organization owned by the insureds whose exclusive purpose is to insure risks of member organizations or group members and their affiliates, or both."

SECTION 2. This act takes effect upon approval by the Governor.