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COMMITTEE REPORT
April 25, 2001
H. 3880
S. Printed 4/25/01--H.
Read the first time April 5, 2001.
To whom was referred a Bill (H. 3880) to amend Article 5, Chapter 77, Title 38 of the Code of Laws of South Carolina, 1976, relating to the reinsurance facility and designated producers, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
HARRY F. CATO for Committee.
TO AMEND ARTICLE 5, CHAPTER 77, TITLE 38 OF THE CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REINSURANCE FACILITY AND DESIGNATED PRODUCERS, BY ADDING SECTION 38-77-640 SO AS TO CLARIFY AND FURTHER EXPLAIN THE CRITERIA FOR IMPOSITION OF A SURCHARGE ON LIABILITY INSURANCE PREMIUMS FOR RECOUPMENT OF FACILITY ASSESSMENTS OR LOSSES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 38-77-640. Pursuant to the plan of operation related to the South Carolina Reinsurance Facility outlined in Section 38-77-530, beginning on March 1, 2002, and continuing after that, an insured or a policyholder without insurance merit rating points on March 1, 1999, pursuant to the Uniform Merit Rating Plan in effect on March 1, 1999, is exempt from a surcharge for the recoupment of facility assessments or losses. A clean or nonpointed risk must not have any form of recoupment imposed to recoup facility losses; provided that, beginning on March 1, 2002, and continuing until the Department of Insurance determines it is unnecessary, a premium surcharge on liability premiums must be imposed pursuant to a plan promulgated by regulation by the director using driving records as of March 1, 1999."
SECTION 2. This act takes effect upon approval by the Governor.
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