Current Status Introducing Body:Senate Bill Number:460 Primary Sponsor:Saleeby Type of Legislation:GB Subject:Health insurance pool and major medical expenses Residing Body:Senate Companion Bill Number:3570 Computer Document Number:BBM/10282JM.93 Introduced Date:19930224 Last History Body:Senate Last History Date:19930415 Last History Type:Recalled from Committee Scope of Legislation:Statewide All Sponsors:Saleeby Land McConnell Courtney Rankin Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
____ ______ ____________ ______________________________ ___ ____________
460 Senate 19930415 Recalled from Committee 02
460 Senate 19930224 Introduced, read first time, 02
referred to Committee
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Indicates Matter Stricken
Indicates New Matter
RECALLED
April 15, 1993
S. 460
Introduced by SENATORS Saleeby, Land, McConnell, Courtney and Rankin
S. Printed 4/15/93--S.
Read the first time February 24, 1993.
TO AMEND ACT 127 OF 1989, AS AMENDED, RELATING TO THE SOUTH CAROLINA HEALTH INSURANCE POOL AND MAJOR MEDICAL EXPENSE COVERAGE, SO AS TO PROVIDE THAT, IF THE TOTAL TAX CREDIT PROVIDED IN ACT 127 OF 1989 EXCEEDS SEVEN MILLION DOLLARS, RATHER THAN FIVE MILLION DOLLARS, IN ANY ONE YEAR FOR ALL MEMBERS OF THE POOL, THE BOARD OF DIRECTORS OF THE POOL IS REQUIRED TO ESTABLISH A RATE FOR ALL POLICIES WHICH ASSURES THAT THE TAX CREDIT DOES NOT EXCEED SEVEN MILLION DOLLARS, RATHER THAN FIVE MILLION DOLLARS, IN THE FOLLOWING YEAR OF OPERATION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Paragraph (2) of subsection (C) of Section 6 of Act 127 of 1989 is amended to read:
"(2) The board shall determine the standard risk rate by taking into account the individual standard rate charged by the five largest insurers offering individual coverages in the State comparable to the pool coverage. If five insurers do not offer comparable coverage, the standard risk rate must be established using reasonable actuarial techniques and must reflect anticipated experience and expenses for coverage. Rates initially established for pool coverage are two hundred percent of rates established as applicable for individual standard risks. Rates subsequently established must provide fully for the expected costs of claims and expenses of operation taking into account investment income and any other cost factors, but may not exceed three hundred percent of rates established as applicable for individual standard risks subject to the limitations described in this section. If the total tax credit provided in Section 8 exceeds five seven million dollars in any one year for all members of the pool, the board shall establish a rate for all policies which assures that the tax credit does not exceed five seven million dollars in the following year of operation. All rates and rate schedules must be submitted to the commissioner for approval."
SECTION 2. This act takes effect upon approval by the Governor.