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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 42-5-85 SO AS TO PROVIDE THAT NEW BUSINESSES MUST BE ASSESSED THE LOWEST RATE FOR WORKERS' COMPENSATION INSURANCE IN THEIR CLASSIFICATION UNTIL THE CLAIMS EXPERIENCE OF THE NEW BUSINESS PROVIDES JUSTIFICATION FOR HIGHER RATES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 42-5-85. Upon application for insurance required by this title by a newly formed business, the insurer must offer the insurance to the new business at the lowest rate for which workers' compensation insurance for a business of its type and within its classification is written. The new business is entitled to continue the insurance and to renew the insurance at the same rate until its claims experience justifies an increase in the rates charged for the insurance."
SECTION 2. This act takes effect upon approval by the Governor.
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