South Carolina General Assembly
105th Session, 1983-1984

Bill 307

                    Current Status

Bill Number:               307
Ratification Number:       138
Act Number                 77
Introducing Body:          Senate
Subject:                   Fire, marine, and inland marine and
                           casualty and surety rates, rating
           organizations
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A77, R138, S307)

AN ACT TO AMEND SECTION 38-43-1020, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO FIRE, MARINE, AND INLAND MARINE AND CASUALTY AND SURETY RATES, RATING ORGANIZATIONS, AND HEARING AND ACTION UPON APPLICATIONS, SO AS TO PROVIDE THAT EACH DEVIATION PERMITTED TO BE FILED, WHICH WHEN APPROVED WOULD RESULT IN A UNIFORM PERCENTAGE DECREASE, REMAINS EFFECTIVE UNTIL DISAPPROVED BY THE CHIEF INSURANCE COMMISSIONER, AND TO PROVIDE FOR THE EFFECTIVE PERIOD FOR EACH DEVIATION PERMITTED TO BE FILED, WHICH WHEN APPROVED WOULD RESULT IN A UNIFORM PERCENTAGE INCREASE.

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

Hearing

SECTION 1. Section 38-43-1020 of the 1976 Code is amended to read:

"Section 38-43-1020. Upon the filing of an application under either Sections 38-43-1000 or 38-43-1010 the Commissioner shall set a time and place for a hearing at which the insurer and such rating organization may be heard and must give them not less than ten days' written notice thereof. In the event the Commissioner is advised by the rating organization that it does not desire a hearing he may, upon the consent of the applicant, waive such hearing. In considering an application under Section 38-43-1000 for permission to file such deviation the Commissioner shall give consideration to the available statistics and the principles for rate making as provided in Section 38-43-330. The Commissioner shall issue an order permitting the deviation or modification for such insurer to be filed if he finds it to be justified, and it thereupon becomes effective. He shall issue an order denying such application if he finds that the resulting premiums would be excessive, inadequate, or unfairly discriminatory or, in the case of an application filed under Section 38-43-1010, if he finds the modification requested is not justified. Each deviation permitted to be filed, which when approved would result in a uniform percentage decrease, remains effective until disapproved by the Commissioner. Each deviation permitted to be filed, which when approved would result in a uniform percentage increase, is effective for a period of one year from the date of such permission unless terminated sooner with the approval of the Commissioner."

Time effective

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