South Carolina General Assembly
114th Session, 2001-2002

Download This Version in Microsoft Word format

Bill 4852

Indicates Matter Stricken
Indicates New Matter

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


Indicates Matter Stricken

Indicates New Matter

COMMITTEE REPORT

May 8, 2002

    H. 4852

Introduced by Rep. Cato

S. Printed 5/8/02--S.

Read the first time April 16, 2002.

            

THE COMMITTEE ON BANKING AND INSURANCE

    To whom was referred a Bill (H. 4852) 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, etc., respectfully

REPORT:

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

DAVID L. THOMAS for Committee.

            

STATEMENT OF ESTIMATED FISCAL IMPACT

ESTIMATED FISCAL IMPACT ON GENERAL FUND EXPENDITURES:

$0 (No additional expenditures or savings are expected)

ESTIMATED FISCAL IMPACT ON FEDERAL & OTHER FUND EXPENDITURES IS:

$0 (No additional expenditures or savings are expected)

EXPLANATION OF IMPACT:

    The Department of Insurance has determined there would be no impact on the department, the General Fund of the State or federal and/or other funds. It is merely establishing the criteria for exemption from rate filings for commercial insured.

    Approved By:

    Don Addy

    Office of State Budget

A BILL

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:

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

    "(40)    'Exempt commercial policies' means policies for large commercial insureds where the total combined premiums to be paid for these policies for one insured is greater than fifty thousand dollars annually and as may be further provided for in regulation or in bulletins issued by the director. Exempt commercial policies include all property and casualty coverages except for commercial property and insurance related to credit transactions written through financial institutions."

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 large 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."

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 large 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."

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

----XX----


This web page was last updated on Thursday, June 25, 2009 at 2:23 P.M.