Current Status Introducing Body:Senate Bill Number:704 Primary Sponsor:Committee (02) Committee Number:26 Type of Legislation:JR Subject:Insurance provisions, Hurricane Hugo Residing Body:House Current Committee:Labor, Commerce and Industry Companion Bill Number:3553 Date Tabled:Feb 04, 1992 Computer Document Number:NO5/7277.BD Introduced Date:Feb 26, 1991 Last History Body:House Last History Date:Feb 04, 1992 Last History Type:Tabled in Committee Scope of Legislation:Statewide Sponsor Committee:Banking and Insurance Sponsor Committee Number:02 Type 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
reference
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INTRODUCED
February 26, 1991
S. 704
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.