Current Status Introducing Body:
SenateBill Number: 704Primary Sponsor: Committee (02)Committee Number: 26Type of Legislation: JRSubject: Insurance provisions, Hurricane HugoResiding Body: HouseCurrent Committee: Labor, Commerce and IndustryCompanion Bill Number: 3553Date Tabled: Feb 04, 1992Computer Document Number: NO5/7277.BDIntroduced Date: Feb 26, 1991Last History Body: HouseLast History Date: Feb 04, 1992Last History Type: Tabled in CommitteeScope of Legislation: StatewideSponsor Committee: Banking and InsuranceSponsor Committee Number: 02Type of Legislation: Joint Resolution
Bill Body Date Action Description CMN ---- ------ ------------ ------------------------------ --- 704 House Feb 04, 1992 Tabled in Committee 26 704 House Mar 21, 1991 Introduced, read first time, 26 referred to Committee 704 Senate Mar 20, 1991 Read third time, sent to House 704 Senate Mar 19, 1991 Read second time, unanimous consent for third reading on next Legislative day 704 Senate Feb 26, 1991 Introduced, read first time, placed on Calendar without referenceView additional legislative information at the LPITS web site.
February 26, 1991
Introduced by Banking and Insurance Committee
S. Printed 2/26/91--S.
Read the first time February 26, 1991.
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.