South Carolina General Assembly
106th Session, 1985-1986

Bill 2233

                    Current Status

Bill Number:               2233
Ratification Number:       45
Act Number:                29
Introducing Body:          House
Subject:                        Examination of insurance reserve
                           funds
View additional legislative information at the LPITS web site.

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

(A29, R45, H2233)

AN ACT TO AMEND ACT 151 OF 1983, AS AMENDED, RELATING TO THE EXAMINATION OF THE INSURANCE RESERVE FUNDS, SO AS TO PROVIDE THAT THE CHIEF INSURANCE COMMISSIONER EXAMINE THE FUNDS EVERY THREE YEARS INSTEAD OF EACH YEAR.

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

Commissioner to examine research funds

SECTION 1. Item (1) of subsection B of Section 55, Part II, of Act 151 of 1983 is amended to read:

"(1) At the end of each three years of operation, and at any other time as considered prudent, the commissioner shall examine the affairs of the insurance reserve funds and make findings and recommendations as provided by this act. For purposes of examination, the commissioner or person making the examination shall have free access to all relevant records, books, and papers in the possession of any person or entity and may summon, administer oaths to, and examine as witnesses any persons in relation to matters relevant to the examination."

Time effective

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