Current Status Introducing Body:Senate Bill Number:678 Primary Sponsor:Saleeby Committee Number:02 Type of Legislation:JR Subject:Hurricane Hugo, insurance losses Residing Body:Senate Current Committee:Banking and Insurance Companion Bill Number:3553 Computer Document Number:NO5/7250.BD Introduced Date:Feb 19, 1991 Last History Body:Senate Last History Date:Feb 19, 1991 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Saleeby Land McConnell Mullinax Pope Type of Legislation:Joint Resolution
Bill Body Date Action Description CMN
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678 Senate Feb 19, 1991 Introduced, read first time, 02
referred to Committee
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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:
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.
SECTION 2. This joint resolution takes effect upon approval by the Governor.