South Carolina General Assembly
103rd Session, 1979-1980

Bill 226

                    Current Status

Bill Number:               226
Ratification Number:       316
Act Number                 306
Introducing Body:          Senate
Subject:                   Relating to the maximum charge for the
                           annual fixed license fee for insurance
                           companies
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A306, R316, S226)

AN ACT TO AMEND SECTIONS 38-5-310, 38-43-930 AND 38-45-160, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE MAXIMUM CHARGE FOR THE ANNUAL FIXED LICENSE FEE FOR INSURANCE COMPANIES, THE LICENSE FEE FOR COMPANIES ACTING AS RATING ORGANIZATIONS AND THE LICENSE FEE FOR ATTORNEYS EXECUTING RECIPROCAL CONTRACTS, SO AS TO INCREASE THE ANNUAL LICENSE FEES FOR RECIPROCALS AND RATING ORGANIZATIONS, TO ISSUE A PERMANENT LICENSE AND CHANGE THE RENEWAL DATE FOR RATING ORGANIZATIONS AND INCREASE THE LICENSE FEE FOR ATTORNEYS EXECUTING RECIPROCAL CONTRACTS.

Be it enacted by the General Assembly of the State of South Carolina:

Annual fixed license fees; collection and disposition

Section 1. Section 38-5-310 of the 1976 Code is amended to read:

"Section 38-5-310. The Chief Insurance Commissioner shall collect, in addition to all other license fees or taxes provided by law, from all companies which shall be licensed by him to do business in this State, an annual fixed license fee of one hundred dollars for each kind of insurance for which the company is licensed as defined in items (a) through (g) of Section 38-5-20; provided, however, each mutual company doing a property business only in no more than three counties shall pay an annual fixed license fee of fifty dollars and each mutual company doing a property business only in a single county shall pay an annual fixed license fee of twenty dollars.

All of such insurance license fees collected by the Chief Insurance Commissioner shall be paid over to the State Treasurer at least once a month."

Issuance or denial of license; fee

Section 2. Section 38-43-930 of the 1976 Code is amended to read:

"Section 38-43-930. If the commissioner finds that the applicant is competent, trustworthy and otherwise qualified to act as a rating organization and that its constitution, articles of agreement or association or certificate of incorporation and its bylaws, rules and regulations governing the conduct of its business conform to the requirements of law, he shall issue a license specifying the kinds of insurance or subdivision or class of risk or part or combination thereof for which the applicant is authorized to act as a rating organization. Every such application shall be granted or denied in whole or in part by the commissioner within sixty days of the date of its filing with him.

Licenses issued pursuant to this section shall remain in effect for an indefinite term unless sooner suspended or revoked by the commissioner. The fee for such license shall be two hundred dollars owed and paid within sixty days after the thirty-first of December of each year."

Fees, taxes and bond of attorney

Section 3. Section 38-45-160 of the 1976 Code is amended to read:

"Section 38-45-160. Each attorney shall pay a license fee of two hundred dollars upon the issuance of the certificate of authority and annually thereafter for renewal thereof. In addition to such fee, each attorney shall pay all of the taxes provided by law on companies doing a like business in this State and shall file the bond required of other companies doing a like class of business."

Time effective

Section 4. This act shall take effect July 1, 1980.