South Carolina General Assembly
115th Session, 2003-2004

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A58, R124, H3575

STATUS INFORMATION

General Bill
Sponsors: Rep. Cooper
Document Path: l:\council\bills\dka\3212mm03.doc

Introduced in the House on February 11, 2003
Introduced in the Senate on February 26, 2003
Last Amended on February 25, 2003
Passed by the General Assembly on May 29, 2003
Governor's Action: June 13, 2003, Signed

Summary: Unclaimed property, filing of reports

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   2/11/2003  House   Introduced and read first time HJ-13
   2/11/2003  House   Referred to Committee on Labor, Commerce and Industry 
                        HJ-13
   2/19/2003  House   Committee report: Favorable Labor, Commerce and Industry 
                        HJ-3
   2/20/2003          Scrivener's error corrected
   2/25/2003  House   Amended HJ-22
   2/25/2003  House   Read second time HJ-22
   2/26/2003  House   Read third time and sent to Senate HJ-15
   2/26/2003  Senate  Introduced and read first time SJ-19
   2/26/2003  Senate  Referred to Committee on Judiciary SJ-19
   5/21/2003  Senate  Committee report: Favorable Judiciary SJ-10
   5/22/2003  Senate  Read second time SJ-23
   5/29/2003  Senate  Read third time and enrolled SJ-63
    6/3/2003          Ratified R 124
   6/13/2003          Signed By Governor
   6/23/2003          Copies available
   6/23/2003          Effective date 06/13/03
   6/26/2003          Act No. 58

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

2/11/2003
2/19/2003
2/20/2003
2/25/2003
5/21/2003

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

(A58, R124, H3575)

AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 27-18-85 SO AS TO PROVIDE FOR TREATMENT OF UNCLAIMED PROPERTY PAYABLE OR DISTRIBUTABLE IN THE COURSE OF THE DEMUTUALIZATION OF AN INSURANCE COMPANY AS ABANDONED IN FIVE YEARS EXCEPTING AMOUNTS DUE TO THE STATE OR A POLITICAL SUBDIVISION OF THE STATE.

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

Demutualization of insurance company

SECTION    1.    Chapter 18, Title 27 of the 1976 Code is amended by adding:

"Section 27-18-85.    Unclaimed property payable or distributable in the course of a demutualization of an insurance company is presumed abandoned five years after the earlier of the date:

(1)    of last contact with the policyholder; or

(2)    the property became payable or distributable.

This section does not apply to amounts due and owing to the State or a political subdivision of the State."

Time effective

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

Ratified the 3rd day of June, 2003.

Approved the 13th day of June, 2003.

__________

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