Current Status Bill Number:3242 Type of Legislation:Joint Resolution JR Introducing Body:House Introduced Date:19950112 Primary Sponsor:Anderson All Sponsors:Anderson, McMahand and Breeland Drafted Document Number:council\legis\bills\gjk\21186jm.95 Residing Body:Senate Current Committee:Banking and Insurance Committee 02 SBI Date of Last Amendment:19950412 Subject:Chief Insurance Commissioner, report
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19950418 Introduced, read first time, 02 SBI
referred to Committee
House 19950413 Read third time, sent to Senate
House 19950412 Unanimous consent for third
reading on the next Legislative day
House 19950412 Amended, read second time
House 19950411 Debate adjourned until
Wednesday, 19950412
House 19950405 Committee report: Favorable 26 HLCI
House 19950112 Introduced, read first time, 26 HLCI
referred to Committee
View additional legislative information at the LPITS web site.
Indicates Matter Stricken
Indicates New Matter
AMENDED
April 12, 1995
H. 3242
S. Printed 4/12/95--H.
Read the first time January 12, 1995.
REQUIRING THE CHIEF INSURANCE COMMISSIONER TO RECOMMEND TO THE GENERAL ASSEMBLY LEGISLATIVE CHANGES THAT WILL ENCOURAGE A GREATER NUMBER OF INSURANCE COMPANIES TO OPERATE IN THIS STATE IN SUCH A MANNER AS TO FOSTER BROAD-BASED COMPETITION IN THE MARKET PLACE AND RESULT IN REDUCED PREMIUMS FOR THE STATE'S CONSUMERS.
Amend Title To Conform
Whereas, every possible effort should be made to encourage a greater number of insurance companies to become operational in South Carolina; and
Whereas, as more insurance companies enter this State to do business, a much-desired broad-based competition in the market place will be fostered; and
Whereas, the residents of this great State are entitled to the lowest possible premiums, especially in the area of automobile insurance, and every effort must be made to find the most effective ways to bring about a reduction in insurance premiums for the State's consumers. Now, therefore,
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The Chief Insurance Commissioner shall undertake a study to determine the statutory changes which are needed to encourage a greater number of insurance companies to do business in this State in such a manner as to foster broad-based competition in the market place and result in reduced premiums for the State's consumers. The Chief Insurance Commissioner shall present his recommended legislative changes in a written report to the members of the General Assembly not later than June 1, 1995.
SECTION 2. Section 38-3-70 of the 1976 Code, as last amended by Section 532 of Act 181 of 1993, is further amended to read:
"Section 38-3-70. The department shall annually submit to the General Assembly, through the Governor, a report of its official acts and doings, together with a report of all insurers under the department doing business in this State, with condensed statements of their reports made to it, together with a statement of all licenses, taxes, and fees received by it through insurers and paid by it to the State Treasurer. The department shall report to the General Assembly any change which in its opinion should be made in the laws relating to insurance and other subjects pertaining to the department. The department shall also report to the General Assembly any statutory changes which are needed to encourage a greater number of insurance companies to do business in this State in such a manner as to foster broad-based competition in the market place and result in reduced premiums for the State's consumers. By February first, it shall make to the Governor the recommendations called for in this section, to be transmitted to the General Assembly with its last annual report, including a statement of its receipts and disbursements."
SECTION 3. This joint resolution takes effect upon approval by the Governor.