South Carolina General Assembly
105th Session, 1983-1984

Bill 156


                    Current Status

Bill Number:               156
Ratification Number:       377
Act Number:                338
Introducing Body:          Senate
Subject:                   Relating to returns of premium
                           collections by insurance companies
View additional legislative information at the LPITS web site.


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A338, R377, S156)

AN ACT TO AMEND SECTION 38-5-370, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO RETURNS OF PREMIUM COLLECTIONS BY INSURANCE COMPANIES, SO AS TO DELETE THE REQUIREMENT THAT RETURNS BE MADE UNDER OATH BY AN EXECUTIVE OFFICER OF EACH COMPANY AND TO PROVIDE THAT RETURNS MUST BE MADE UNDER OATH BY THE EMPLOYEE OR OTHER REPRESENTATIVE RESPONSIBLE FOR THE PREPARATION OF FEE AND TAX RETURNS AND THE

EXECUTIVE OFFICER OF THE COMPANY.

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

Returns of premium collections

SECTION 1. Section 38-5-370 of the 1976 Code is amended to read:

"Section 38-5-370. Returns of premium collections must be made under oath by the employee or other representative of each company responsible for the preparation of fee and tax returns and the executive officer of such company within sixty days after the thirty-first day of December of each year, and, if the returns are not so made, the Commissioner may suspend the license of the company until such returns are made. The Attorney General must bring suit in the name of the State to collect any unpaid portion of the license fees provided herein."

Time effective

SECTION 2. This act shall take effect upon approval by the Governor.