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Bill Number: 155 Ratification Number: 387 Act Number 352 Introducing Body: Senate Subject: Relating to the South Carolina Automobile Insurance Merit Rating Plan
(A352, R387, S155)
AN ACT TO AMEND SECTION 38-37-540, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE SOUTH CAROLINA AUTOMOBILE INSURANCE MERIT RATING PLAN, SO AS TO REQUIRE AUTOMOBILE INSURERS TO ASSESS SURCHARGES AND GRANT "SAFE DRIVER DISCOUNTS" AND TO PROVIDE THAT THE AMOUNT OF SURCHARGE AND THE REASON FOR SURCHARGE AND THE AMOUNT OF THE "SAFE DRIVER DISCOUNT" SHALL BE SHOWN ON THE INVOICES.
Be it enacted by the General Assembly of the State of South Carolina:
Surcharges shown on policies
Section 1. Section 38-37-540 of the 1976 Code is amended by adding:
"(e) The Commission shall require all insurers transacting automobile insurance business in this State to assess surcharges and grant safe driver discounts.
(f) All policies of automobile insurance issued in South Carolina shall show on the initial policy or on an attachment to the initial policy and on all premium invoices or attached to all premium invoices, in a form to be approved by the Commissioner, the amount of any surcharge (including loss of safe driver discount) that may be applicable to the policy as a result of any merit rating plan or system promulgated by the Commission. Also to be included, presented in such a fashion as to be readily understandable, shall be the reason for the applicable surcharge or the loss of safe driver discount. The amount of the applicable safe driver discount shall also be shown."
Section 2. The provisions of this act shall apply to all policies issued or renewed six months after the approval of the Governor.
Section 3. This act shall take effect upon approval by the Governor.