South Carolina General Assembly
103rd Session, 1979-1980

Bill 494

                    Current Status

Bill Number:               494
Ratification Number:       390
Act Number                 355
Introducing Body:          Senate
Subject:                   Relating to the annual license fee for
                           foreign insurance companies
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A355, R390, S494)

AN ACT TO AMEND SECTION 38-5-400, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE ANNUAL LICENSE FEE FOR FOREIGN INSURANCE COMPANIES, SO AS TO PROVIDE FOR THE FILING OF SUCH FEE ON A UNIFORM FILING DATE.

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

Fee

Section 1. Section 38-5-400 of the 1976 Code is amended to read:

"Section 38-5-400. Every foreign insurance company of any class (fire, life, marine, surety, security, guarantee, hailstorm, livestock, accident, plate glass and other like insurance companies) and every other foreign company doing a like class of business, not incorporated under the laws of this State, except benevolent institutions organized under the grand lodge system, shall each, before transacting any business in this State, pay an annual license fee of two hundred dollars to the commissioner within sixty days after the thirty-first day of December in each year to be deposited by him in the State Treasury."

Time effective

Section 2. This act shall take effect July 1, 1980.