South Carolina General Assembly
115th Session, 2003-2004

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Bill 3575

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

AMENDED

February 25, 2003

H. 3575

Introduced by Rep. Cooper

S. Printed 2/25/03--H.

Read the first time February 11, 2003.

            

A BILL

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; AND TO AMEND SECTION 27-18-180, AS AMENDED, RELATING TO REPORTS OF UNCLAIMED PROPERTY, SO AS TO REQUIRE THE FILING OF A REPORT OF UNCLAIMED DEMUTUALIZATION PROCEEDS BEFORE MAY FIRST.

Amend Title To Conform

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

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 shall not apply to amounts due and owing to the state or any political subdivision thereof."

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

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