Bill 3518

                    Current Status

Bill Number:                    3518
Ratification Number:            150
Act Number:                     97
Type of Legislation:            General Bill GB
Introducing Body:               House
Introduced Date:                19950207
Primary Sponsor:                Richardson
All Sponsors:                   Richardson
Drafted Document Number:        BBM\9849JM.95
Date Bill Passed both Bodies:   19950601
Date of Last Amendment:         19950531
Governor's Action:              S
Date of Governor's Action:      19950612
Subject:                        Property and casualty insurance
                                guaranty policies

Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

------  19950612  Act No. A97
------  19950612  Signed by Governor
------  19950606  Ratified R150
House   19950601  Concurred in Senate amendment,
                  enrolled for ratification
Senate  19950601  Read third time, returned to
                  House with amendment
Senate  19950531  Amended, read second time,
                  ordered to third reading
                  with notice of general amendments
Senate  19950529  Recalled from Committee,                 02 SBI
                  placed on the Calendar
Senate  19950501  Introduced, read first time,             02 SBI
                  referred to Committee
House   19950427  Read third time, sent to Senate
House   19950426  Read second time
House   19950419  Committee report: Favorable              26 HLCI
House   19950207  Introduced, read first time,             26 HLCI
                  referred to Committee

(A97, R150, H3518)

AN ACT TO AMEND SECTION 38-31-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE "SOUTH CAROLINA PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOCIATION ACT", SO AS TO CHANGE THE DEFINITION OF "COVERED CLAIM".

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

Definition changed

SECTION 1. Section 38-31-20(6) of the 1976 Code is amended to read:

"(6) `Covered claim' means an unpaid claim, including one of unearned premiums, which arises out of and is within the coverage and is subject to the applicable limits of an insurance policy to which this chapter applies issued by an insurer, if the insurer is an insolvent insurer and (a) the claimant or insured is a resident of this State at the time of the insured event, if for entities other than an individual, the residence of a claimant or insured is the state in which its principal place of business is located at the time of the insured event or (b) the claim is for first-party benefits for damage to property permanently located in this State. `Covered claim' does not include any amount awarded as extra-contractual damages unless awarded against the association; sought as a return of premium under any retrospective rating plan; or due any reinsurer, insurer, insurance pool, or underwriting association as subrogation recoveries or otherwise."

Time effective

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

Approved the 12th day of June, 1995.