Senate Amendment 10
H 5100 - Session 125 (2023-2024)
Budget

S E N A T E A M E N D M E N T

   AMENDMENT NO. _____

310896031496000/AM

CREATEDATE \@ "MMMM d, yyyy" \* MERGEFORMAT April 22, 2024

Clerk of the Senate

   ADOPTION NO. _____

BILL NO: H.5100  (Reference is to Printer's Date 04/23/24-S.)

04572000 

 Senator SETZLER proposes the following amendment (AM INSURANCE MARKETS):

 Amend the bill, as and if amended, Part IB, Section 78, DEPARTMENT OF INSURANCE, page 461, after line 33, by adding an appropriately numbered new proviso to read:

/ (INS: Coastal Insurance Markets) From the funds appropriated in this act, the Department of Insurance shall conduct a study on the status and market conditions of the South Carolina coastal property insurance market. The study shall include the number of property insurance companies participating in the coastal insurance market, coastal insurance premium pricing, coastal insurance market outlook for the future, possible strategies to stabilize our State's coastal insurance market, efforts the department may utilize to recruit additional insurance providers, and any other information deemed pertinent to the issue including suggested statutory changes. The study shall be submitted to the Senate Finance Committee, the Senate Banking and Insurance Committee, the House Ways and Means Committee, the House Labor, Commerce and Industry Committee, and the Governor by October 1, 2024. The department is further directed to immediately initiate statutorily allowed efforts to recruit additional insurance providers in the coastal property insurance market. / 

 Amend sections, totals and title to conform.