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Bill Number: 151 Ratification Number: 29 Act Number 11 Introducing Body: Senate Subject: Payment of brokers premium tax, accounting of the disposition of license fees
(A11, R29, S151)
AN ACT TO AMEND SECTIONS 38-47-30 AND 38-47-70, AS AMENDED, OF THE CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE ISSUANCE OF LICENSES TO INSURANCE BROKERS AND THE DISPOSITION OF LICENSE FEES, SO AS TO PROVIDE FOR THE QUARTERLY PAYMENT OF THE BROKER'S PREMIUM TAX AND TO PROVIDE FOR AN ANNUAL ACCOUNTING OF THE DISPOSITION OF LICENSE FEES BY THE CHIEF INSURANCE COMMISSIONER TO THE STATE TREASURER INSTEAD OF A SEMI-ANNUAL ACCOUNTING.
Be it enacted by the General Assembly of the State of South Carolina:
Payment of brokers premium tax
SECTION 1. Item (3) of Section 38-47-30 of the 1976 Code is amended to read:
"(3) The payment to the Commissioner, within thirty days after March thirty-first, June thirtieth, September thirtieth and December thirty-first of each year, of a broker's premium tax of four percent upon the premiums approved for policies of companies not licensed in this State. Credit may be given for tax on policies canceled flat within forty-five days of the date of approval provided the broker will certify to the Commissioner the business was placed in good faith and the policy was canceled at the request of the insured."
Accounting of the disposition of license fees
SECTION 2. Section 38-47-70 of the 1976 Code, as last amended by Act 585 of 1978, is further amended to read:
"Section 38-47-70. As soon after December thirty-first of each year as may be convenient, the Commissioner shall render an accounting to the State Treasurer of the additional license fees collected under the terms of this chapter showing the counties in which the risk covered by such insurance is located and shall furnish a duplicate of such accounting to the Comptroller General. The Comptroller General shall draw his warrant on the State Treasurer for one-fourth of such additional license fees, payable to the county treasurer of the county in which the risk is located. The amount so paid shall be for general county purposes. He shall likewise draw his warrant on the State Treasurer for one-fourth of such additional license fees, payable to the treasurer of the municipality in which the risk is located. The Comptroller shall likewise draw his warrant on the State Treasurer for one-fourth of the additional license fees collected on property insurance, payable to the County Treasurer of the county in which the property is located. The County Treasurer shall distribute such additional license fees in accordance with the requirements of Sections 38-57-60 through 38-57-210."
SECTION 3. This act shall take effect upon approval by the Governor.