South Carolina General Assembly
114th Session, 2001-2002

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Bill 4852


                    Current Status

Bill Number:                      4852
Ratification Number:              387
Act Number:                       300
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20020305
Primary Sponsor:                  Cato
All Sponsors:                     Cato
Drafted Document Number:          l:\council\bills\skb\18258zcw02.doc
Date Bill Passed both Bodies:     20020522
Date of Last Amendment:           20020411
Governor's Action:                S
Date of Governor's Action:        20020603
Subject:                          Insurance, requiring insurers to file 
                                  rates; to expand meaning of "exempt 
                                  commercial policies"; to exempt 
                                  commercial policies from this requirement


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
------  20020617  Act No. A300
------  20020603  Signed by Governor
------  20020528  Ratified R387
Senate  20020522  Read third time, enrolled for
                  ratification
Senate  20020509  Read second time, notice of
                  general amendments
Senate  20020508  Committee report: Favorable            02 SBI
------  20020506  Scrivener's error corrected
Senate  20020416  Introduced, read first time,           02 SBI
                  referred to Committee
House   20020412  Read third time, sent to Senate
House   20020411  Amended, read second time, 
                  unanimous consent for third reading 
                  on Friday, 20020412
House   20020410  Committee report: Favorable with       26 HLCI
                  amendment
House   20020305  Introduced, read first time,           26 HLCI
                  referred to Committee


              Versions of This Bill
Revised on April 10, 2002 - Word format
Revised on April 11, 2002 - Word format
Revised on May 6, 2002 - Word format
Revised on May 8, 2002 - Word format

View additional legislative information at the LPITS web site.


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

(A300, R387, H4852)

AN ACT TO AMEND SECTION 38-1-20, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS USED WITH RESPECT TO INSURANCE IN TITLE 38, SO AS TO EXPAND THE MEANING OF "EXEMPT COMMERCIAL POLICIES"; TO AMEND SECTIONS 38-73-340 AND 38-73-520, BOTH RELATING TO REQUIRING INSURERS TO FILE RATES AND RATING SCHEDULES AND PLANS, SO AS TO EXEMPT COMMERCIAL POLICIES FROM THIS REQUIREMENT.

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

Definition

SECTION 1. Section 38-1-20 (40) of the 1976 Code is amended to read:

"(40) 'Exempt commercial policies' means policies for commercial insureds as may be provided for in regulation issued by the director. Exempt commercial policies include all property and casualty coverages except for insurance related to credit transactions written through financial institutions."

Rate filings required

SECTION 2. Section 38-73-340 of the 1976 Code is amended to read:

"Section 38-73-340. Every insurer shall file with the department, except as to inland marine risks which by general custom of the business are not written according to manual rates or rating plans and except as to exempt commercial policies, every manual, minimum, or class rate, rating schedule or rating plan, and every other rating rule and every modification of any of these which it proposes to use. The filing exemption shall not apply to loss cost filings by advisory or rating organizations. Every filing shall state the proposed effective date and shall indicate the character and extent of coverage contemplated. Specific inland marine rates on risks specially rated, made by a rating organization, must be filed with the department."

Rate filings required

SECTION 3. Section 38-73-520 of the 1976 Code is amended to read:

"Section 38-73-520. Every insurer shall file with the department, except as to exempt commercial policies, every manual of classifications, rules, and rates, every rating plan, and every modification of any of these which it proposes to use. The filing exemption shall not apply to loss cost filings by advisory or rating organizations. Every filing shall state the proposed effective date and shall indicate the character and extent of the coverage contemplated."

Time effective

SECTION 4. This act takes effect January 1, 2003.

Ratified the 28th day of May, 2002.

Approved the 3rd day of June, 2002.

__________


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