South Carolina General Assembly
113th Session, 1999-2000

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Bill 3914

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Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

Indicates Matter Stricken

Indicates New Matter

AMENDED

March 7, 2000

H. 3914

Introduced by Reps. Cato, Hayes and Mason

S. Printed 3/7/00--H.

Read the first time April 14, 1999.

            

A BILL

TO AMEND SECTION 38-39-90, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INSURANCE PREMIUM SERVICE COMPANIES AND CANCELLATION OF INSURANCE CONTRACTS, SO AS TO PROVIDE FOR A PRO-RATA COMPUTATION OF THE GROSS UNEARNED PREMIUM TO BE RETURNED, AND PROVIDE THAT, IN THE EVENT A PREMIUM IS SUBJECT TO AN AUDIT TO DETERMINE THE FINAL PREMIUM AMOUNT, THE GROSS UNEARNED PREMIUM MUST BE CALCULATED UPON THE DEPOSIT PREMIUM AND THE INSURER SHALL RETURN TO THE PREMIUM SERVICE COMPANY, FOR THE INSURED'S ACCOUNT, THE GROSS UNEARNED PREMIUM BASED UPON THE DEPOSIT PREMIUM AMOUNT.

Amend Title To Conform

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

SECTION 1. Section 38-39-90(e) as amended by Act 181 of 1993, is further 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.

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