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Bill 5

                    Current Status

Bill Number:                      5
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  20010110
Primary Sponsor:                  Elliott
All Sponsors:                     Elliott, Ford, Reese, Rankin, Branton
Drafted Document Number:          l:\s-res\de\008sign.jh.doc
Residing Body:                    Senate
Current Committee:                Banking and Insurance Committee 02 SBI
Subject:                          Property, casualty, title insurance; 
                                  insurers to disclose deductibles in policies 
                                  and explain them; Insurance


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  20010110  Introduced, read first time,           02 SBI
                  referred to Committee


              Versions of This Bill

TO AMEND ARTICLE 5, CHAPTER 75, TITLE 38, SOUTH CAROLINA CODE OF LAWS, 1976, RELATING TO PROPERTY, CASUALTY AND TITLE INSURANCE, BY ADDING SECTION 38-75-415 SO AS TO REQUIRE INSURERS TO DISCLOSE IN WRITING THE NATURE AND SCOPE OF ALL DEDUCTIBLES CONTAINED IN INSURANCE POLICIES SOLD IN THIS STATE, TO OBTAIN THE SIGNATURE OF THE INSURED ON THE WRITTEN EXPLANATION OF THE DEDUCTIBLE AND TO REQUIRE WRITTEN EXPLANATIONS AND SIGNATURES OF INSURED ON ALL CHANGES OR INCREASES IN DEDUCTIBLES AND PERCENTAGE DEDUCTIBLES TRIGGERED BY TROPICAL STORMS, OR HURRICANES, OR OTHER NATURAL DISASTERS.

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

SECTION 1. Article 5, Chapter 75, Title 38 of the 1976 Code is amended by adding:

"Section 38-75-415. (A) Notwithstanding any other provision of law, on or after the effective date of this section, all insurers offering property and casualty policies in this state must disclose in writing the scope and nature of all deductibles and obtain the signature of the insured on all deductible explanations, including all changes or increases in deductibles and all percentage deductibles triggered by tropical storms or hurricanes. All deductibles, changes or increases in deductibles, or percentage deductibles triggered by tropical storms, or hurricanes, or other natural disasters which do not comply with the provisions of this section are null and void.

(B) Signatures of insured required by this section may be obtained by requiring that the insured initial the written explanation of the deductible on a space provided at the end of the explanation. The written explanation of the deductible must contain language stating that the insured has read and understands the explanation and that any portions not understood have been fully explained by the insurance agent or broker offering the policy for sale."

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

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