Bill 4382

                    Current Status

Introducing Body:               House
Bill Number:                    4382
Primary Sponsor:                J. Bailey
Committee Number:               02
Type of Legislation:            GB
Subject:                        Motor vehicle, reinsurance
                                facility, safe driver
Residing Body:                  Senate
Current Committee:              Banking and Insurance
Computer Document Number:       BBM/10777JM.94
Introduced Date:                19940111
Last History Body:              Senate
Last History Date:              19940324
Last History Type:              Introduced, read first time,
                                referred to Committee
Scope of Legislation:           Statewide
All Sponsors:                   J. Bailey
Type of Legislation:            General Bill

Bill  Body    Date          Action Description              CMN  Leg Involved
____  ______  ____________  ______________________________  ___  ____________

4382  Senate  19940324      Introduced, read first time,    02
                            referred to Committee
4382  House   19940323      Read third time, sent to
                            Senate
4382  House   19940322      Read second time
4382  House   19940222      Debate adjourned until
                            Tuesday, March 15, 1994
4382  House   19940209      Committee Report: Favorable     26
4382  House   19940111      Introduced, read first time,    26
                            referred to Committee
4382  House   19931215      Prefiled, referred to           26
                            Committee

Indicates Matter Stricken
Indicates New Matter

COMMITTEE REPORT

February 9, 1994

H. 4382

S. Printed 2/9/94--H.

Read the first time January 11, 1994.

To whom was referred a Bill (H. 4382), to amend Section 38-73-1425, Code of Laws of South Carolina, 1976, relating to the final rate or premium charge for private passenger automobile insurance risk, etc., respectfully

That they have duly and carefully considered the same, and recommend that the same do pass:

THOMAS C. ALEXANDER, for Committee.

A BILL

TO AMEND SECTION 38-73-1425, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE FINAL RATE OR PREMIUM CHARGE FOR PRIVATE PASSENGER AUTOMOBILE INSURANCE RISK CEDED TO THE SOUTH CAROLINA REINSURANCE FACILITY, SO AS TO, AMONG OTHER THINGS, DELETE CERTAIN LANGUAGE CONCERNING THE SAFE DRIVER DISCOUNT AND PROVIDE THAT THE ESTABLISHING OF A RATE FOR ALL BUSINESS CEDED TO THE FACILITY MUST BE PHASED IN OVER A TWO-YEAR PERIOD IN A PARTICULAR MANNER.

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

SECTION 1. Section 38-73-1425 of the 1976 Code, as added by Act 113 of 1991, is amended to read:

"Section 38-73-1425. The final rate or premium charge for a private passenger automobile insurance risk ceded to the facility which does not qualify for the safe driver discount in Section 38-73-760(e) is the final rate or premium charge required by Section 38-73-1420 or the final rate or premium charge approved for use by the insurer, whichever is greater. so that the facility may not be unreasonably utilized by automobile insurers ceding business pursuant to Section 38-77-950.

The establishing of a rate for all business ceded to the facility must be phased in over a two-year period so that not less than fifty percent of the current differential of the company-filed rate and the current facility rate must be added on renewals or new business effective on or after October 1, 1994, and the remaining fifty percent differential between the company-filed rate and the facility rate must be added on renewals or new business effective on or after October 1, 1995."

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