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2871Ratification Number: 274Act Number: 180Introducing Body: HouseSubject: Penalty for an insurance carrier that fails to file a report of insurance coverage
(A180, R274, H2871)
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 42-19-50 SO AS TO PROVIDE A PENALTY FOR AN INSURANCE CARRIER THAT FAILS TO FILE A REPORT OF INSURANCE COVERAGE.
Be it enacted by the General Assembly of the State of South Carolina:
Report must be filed
SECTION 1. The 1976 Code is amended by adding:
"Section 42-19-50. Every insurance carrier providing coverage under the Workers' Compensation law shall file a report of coverage with the Industrial Commission within thirty days from the inception date of the policy on forms prescribed by the Commission.
Any insurance company who refuses or neglects to properly submit the required forms is liable for a penalty of not less than one hundred dollars and not more than two hundred fifty dollars for each day's refusal to so file. The fine provided for in this section may be assessed by the commission with the right to review and appeal as in other cases."
SECTION 2. This act shall take effect upon approval by the Governor.