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