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H. 3423
STATUS INFORMATION
Joint Resolution
Sponsors: Reps. Scarborough, Merrill, Stavrinakis, Hagood, Bowers, R. Brown, Chalk, Harrell, Herbkersman, Hinson, Limehouse and Miller
Document Path: l:\council\bills\gjk\20096sd07.doc
Introduced in the House on February 1, 2007
Currently residing in the House Committee on Labor, Commerce and Industry
Summary: Coastal Insurance Study Committee
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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2/1/2007 House Introduced and read first time HJ-10
2/1/2007 House Referred to Committee on Labor, Commerce and Industry
HJ-10
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO ESTABLISH THE COASTAL INSURANCE STUDY COMMITTEE TO EXAMINE THE HOMEOWNERS AND COMMERCIAL INSURANCE CRISIS FACING OWNERS OF PROPERTY SITUATED IN COUNTIES BORDERING THE SOUTH CAROLINA COAST, TO PROVIDE FOR THE MEMBERSHIP, POWERS, DUTIES, AND FUNCTIONS OF THE COMMITTEE, AND TO PROVIDE THAT THE COMMITTEE SHALL RECEIVE SUCH FUNDING AS IS PROVIDED BY THE GENERAL ASSEMBLY IN THE 2007-2008 GENERAL APPROPRIATIONS ACT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The General Assembly finds that:
(1) the spiraling costs and increasing unavailability of homeowners insurance to owners of property situated in counties bordering the South Carolina coast are reaching a critical mass;
(2) the coastal counties of South Carolina serve not only as home to many South Carolinians but also as a vital center for world-class tourism and recreational endeavors vital to the state's economy;
(3) an estimated one hundred fifty billion dollars worth of property in these counties is covered by homeowners insurance policies comprising more than one-quarter of all homeowners' policies underwritten in the State;
(4) homeowners insurance on property situated in these counties has become increasingly difficult for consumers to obtain due to spiraling rates, decreasing availability, policy cancellations, wind pool limitations, and restrictions on companies to underwrite homeowners insurance in these counties under any circumstances;
(5) the availability of reasonably priced homeowners insurance is critical to the ability of coastal property owners to finance and securely enjoy their property and make it available to support the State's vitally important tourism industry;
(6) commercial property owners along South Carolina's coast are facing similar insurance problems; and
(7) swift action is required to ensure reasonably priced homeowners and commercial insurance is available for property in South Carolina's coastal counties.
SECTION 2. The Coastal Insurance Study Committee is hereby established composed of twelve members as follows:
(1) four members of the Senate appointed by the President Pro Tempore of the Senate;
(2) four members of the House of Representatives appointed by the Speaker of the House of Representatives; and
(3) four members appointed by the Governor.
Members shall serve a term to expire when the committee is dissolved pursuant to Section 9. Vacancies on the committee must be filled in the manner of original appointment. Members shall elect as officers from their number a chairman and vice chairman. Committee membership does not constitute an office for purposes of the prohibition on dual office holding provided in Section 3, Article VI of the Constitution of this State. Notwithstanding Section 8-13-770 of the 1976 Code, members of the General Assembly may be appointed to serve on this committee.
SECTION 3. (A) The committee shall make a detailed and careful study of the homeowners and commercial property and casualty insurance crisis facing the owners of property situated in counties bordering South Carolina's coast.
(B) It shall examine this crisis from all aspects including regulatory issues and insurance company underwriting practices and procedures.
SECTION 4. The committee may:
(1) hold public hearings;
(2) receive testimony of any employees of the State or any other witnesses who may assist the committee in its duties;
(3) call for assistance in the performance of its duties from any employees or agencies of the State or any of its political subdivisions; and
(4) within the funds available, employ outside experts or actuaries to assist it in the performance of its duties.
SECTION 5. The committee may adopt by majority vote rules it considers proper with respect to matters relating to the discharge of its duties.
SECTION 6. In addition to the provisions of Section 4, professional and clerical services for the committee must be made available from the staffs of the General Assembly, the State Budget and Control Board and the Department of Insurance, as the committee determines appropriate.
SECTION 7. The committee shall issue a report and recommendations to the General Assembly and the Governor with respect to its findings not later than January 15, 2008. The findings and recommendations must be published and made available to the public.
SECTION 8. The committee shall receive such funding as may be provided by the General Assembly in the 2007-2008 annual general appropriations act. The members of the committee are entitled to receive the per diem, mileage, and subsistence as is allowed by law for members of boards, committees, and commissions when engaged in the exercise of their duties as members of the committee to be paid from the appropriations made to the committee.
SECTION 9. Upon the submission of its report and recommendations, the committee is dissolved.
SECTION 10. This joint resolution takes effect upon approval by the Governor.
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