South Carolina General Assembly
113th Session, 1999-2000

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Bill 540

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

COMMITTEE REPORT

April 21, 1999

S. 540

Introduced by Banking and Insurance Committee

S. Printed 4/21/99--H.

Read the first time March 9, 1999.

THE COMMITTEE ON

LABOR, COMMERCE AND INDUSTRY

To whom was referred a Bill (S. 540), to amend the Code of Laws of South Carolina, 1976, by adding Section 1-11-147 so as to authorize the Budget and Control Board to let for bids any automobile liability reinsurance, etc., respectfully

REPORT:

That they have duly and carefully considered the same, and recommend that the same do pass:

HARRY F. CATO, for Committee.

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 1-11-147 SO AS TO AUTHORIZE THE BUDGET AND CONTROL BOARD TO LET FOR BIDS ANY AUTOMOBILE LIABILITY REINSURANCE CONTRACT PURSUANT TO SOUTH CAROLINA CONSOLIDATED PROCUREMENT CODE, UNDER CERTAIN CIRCUMSTANCES.

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

SECTION 1. The 1976 Code is amended by adding:

"Section 1-11-147. To underwrite automobile liability insurance provided by the board, the Budget and Control Board is authorized to either self-insure, purchase reinsurance, or use a combination of self-insurance and reinsurance. Should the board elect to purchase automobile liability reinsurance, the reinsurance shall be procured through a bid process in accordance with the South Carolina Consolidated Procurement Code with a contract term not to exceed three years."

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

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