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TO AMEND SECTIONS 56-9-420, 56-9-353, AND 56-9-480 OF THE 1976 CODE, RELATING TO THE MOTOR VEHICLE FINANCIAL RESPONSIBILITY ACT, TO REFERENCE SECTION 38-77-140 WHEN REFERRING TO MINIMUM LIABILITY INSURANCE LIMITS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 56-9-420(11) of the 1976 Code is amended to read:
"(11) "Proof of financial responsibility": Proof of ability to respond to damages for liability, as provided in Section 38-77-150, or, on account of accidents occurring after the effective date of this proof, arising out of the ownership, maintenance, or use of a motor vehicle in accordance with the general coverage requirements required by Section 38-77-140 the amount of fifteen thousand dollars because of bodily injury to or death of one person in any one accident and, subject to this limit for one person, in the amount of thirty thousand dollars because of bodily injury to or death of two or more persons in any one accident and in the amount of ten thousand dollars because of injury to or destruction of property of others in any one accident;"
SECTION 2. Section 56-9-353 of the 1976 Code is amended to read:
"Section 56-9-353. No policy or bond shall be effective under Sections 56-9-351 and 56-9-352 unless issued by an insurance company or surety company licensed and authorized by the South Carolina Department of Insurance to do business in this State, except that if the motor vehicle was not registered in this State or was a motor vehicle which was registered elsewhere than in this State at the effective date of the policy or bond or the most recent renewal thereof, the policy or bond shall not be effective under Sections 56-9-351 and 56-9-352 unless the insurance company or surety company if not authorized to do business in this State shall execute a power of attorney authorizing the Department of Motor Vehicles to accept service on its behalf of notice of process in any action upon the policy or bond arising out of the accident. Every policy or bond must be subject, if the accident has resulted in bodily injury or death, to a limit, exclusive of interest and costs, of not less than the general coverage requirements required by Section 38-77-140 fifteen thousand dollars because of bodily injury to or death of one person in any one accident, and subject to this limit for one person, to a limit of not less than thirty thousand dollars because of bodily injury to or death of two or more persons in any one accident, and, if the accident has resulted in injury to or destruction of property, to a limit of not less than five thousand dollars because of injury to or destruction of property of others in any one accident."
SECTION 3. Section 56-9-480 of the 1976 Code is amended to read:
"Section 56-9-480. Judgments referred to in this article must, for the purpose of this article only, be considered satisfied:
(1) When the minimum limit required by Section 38-77-140(1) fifteen thousand dollars has been credited upon any judgment rendered in excess of that amount because of bodily injury to or death of one person as the result of any one accident;
(2) When, subject to the limit of fifteen thousand dollars because of bodily injury to or death of one person, the sum of thirty thousand dollars the minimum limit required by Section 38-77-140(2) has been credited upon any judgments rendered in excess of that amount because of bodily injury to or death of two or more persons as the result of any one accident; or
(3) When the minimum limit required by Section 38-77-140(3) five thousand dollars has been credited upon any judgments rendered in excess of that amount because of injury to or destruction of property of others as a result of any one accident.
Payments made in settlement of any claims because of bodily injury, death, or property damage arising from a motor vehicle accident must be credited in reduction of the amounts provided for in this section."
SECTION 4. This act takes effect upon approval by the Governor.
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