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3914Ratification Number: 284Act Number: 263Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 19990414Primary Sponsor: CatoAll Sponsors: Cato, Hayes, MasonDrafted Document Number: l:\council\bills\nbd\11296jm99.docDate Bill Passed both Bodies: 20000329Date of Last Amendment: 20000307Governor's Action: SDate of Governor's Action: 20000501Subject: Insurance premium service companies, pro- rata computation of unearned premium due under insurance contractHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 20000516 Act No. A263 ------ 20000501 Signed by Governor ------ 20000426 Ratified R284 Senate 20000329 Read third time, enrolled for ratification Senate 20000328 Read second time Senate 20000323 Committee report: Favorable 02 SBI Senate 20000309 Introduced, read first time, 02 SBI referred to Committee House 20000308 Read third time, sent to Senate House 20000307 Amended, read second time ------ 20000302 Scrivener's error corrected House 20000301 Committee report: Favorable with 26 HLCI amendment House 19990414 Introduced, read first time, 26 HLCI referred to Committee Versions of This Bill Revised on March 1, 2000 - Word format Revised on March 2, 2000 - Word format Revised on March 7, 2000 - Word format Revised on March 23, 2000 - Word format
(A263, R284, H3914)
AN ACT TO AMEND SECTION 38-39-90, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CANCELLATION OF INSURANCE CONTRACTS BY PREMIUM SERVICE COMPANIES, SO AS TO PROVIDE WHEN THE INSURER RETURNS GROSS UNEARNED PREMIUMS DUE UNDER THE INSURANCE CONTRACT TO THE PREMIUM SERVICE COMPANY WHICH FINANCED THE PREMIUM, THAT THE GROSS UNEARNED PREMIUMS DUE ON PERSONAL LINES INSURANCE CONTRACTS FINANCED BY PREMIUM SERVICE COMPANIES MUST BE COMPUTED ON A PRO RATA BASIS.
Be it enacted by the General Assembly of the State of South Carolina:
Computation on pro rata basis
SECTION 1. Section 38-39-90(e) of the 1976 Code is amended to read:
"(e) Whenever an insurance contract is canceled, the insurer shall return whatever gross unearned premiums are due under the insurance contract to the premium service company which financed the premium for the account of the insured. The gross unearned premiums due on personal lines insurance contracts financed by premium service companies must be computed on a pro rata basis."
SECTION 2. This act takes effect on January 1, 2001.
Ratified the 26th day of April, 2000.
Approved the 1st day of May, 2000.
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