Current Status Bill Number:599 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19970402 Primary Sponsor:McConnell All Sponsors:McConnell Drafted Document Number:res1343.gfm Residing Body:Senate Current Committee:Banking and Insurance Committee 02 SBI Subject:Insurance premium finance companies, insurers prohibited from engaging in certain practices involving
Body Date Action Description Com Leg Involved
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Senate 19970402 Introduced, read first time, 02 SBI
referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND CHAPTER 57, TITLE 38, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO TRADE PRACTICES, BY ADDING SECTION 38-57-135 SO AS TO PROHIBIT INSURERS FROM ENGAGING IN CERTAIN PRACTICES INVOLVING INSURANCE PREMIUM FINANCE COMPANIES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 57, Title 38 of the 1976 Code is amended by adding:
"Section 38-57-135. (A) An insurer, its agent, or an insurance broker doing insurance business in this State may not require a person to use a particular insurance premium finance company or other installment plan for which a finance charge or other fee in connection with an installment payment has been or will be imposed.
(B) An insurer, its agent, or an insurance broker doing insurance business in this State may not refuse to issue a policy of insurance solely because the premiums for the policy have been advanced by a premium finance company licensed in this State.
(C) An insurer or its agent doing insurance business in this State shall not reduce commissions or intimidate or retaliate against a producer, agent, broker, or insured who uses premium financing by denying the producer, agent, broker, or insured the same rights accorded producers, agents, brokers, or insured who pay premiums in a different manner."
SECTION 2. This act takes effect upon approval by the Governor.