South Carolina General Assembly
106th Session, 1985-1986

Bill 88

                    Current Status

Bill Number:               88
Ratification Number:       7
Act Number:                4
Introducing Body:          Senate
Subject:                   License fees and terms for insurance
                           premium service companies
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A4, R7, S88)

AN ACT TO AMEND SECTIONS 38-27-30 AND 38-27-40, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INSURANCE PREMIUM SERVICE COMPANIES, SO AS TO REQUIRE PAYMENT OF ANNUAL LICENSE FEES BY MARCH FIRST OF EACH YEAR INSTEAD OF THE THIRTY-FIRST DAY OF MARCH AND TO PROVIDE THAT LICENSES ISSUED TO PREMIUM SERVICE COMPANIES ARE FOR AN INDEFINITE TERM UNLESS REVOKED OR SUSPENDED.

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

License fees

SECTION 1. Subsection (b) of Section 38-27-30 of the 1976 Code is amended to read:

"(b) The annual license fee is five hundred dollars payable on or before the first day of March in each year to the Commissioner, to be deposited by him in the State Treasury."

Term of license

SECTION 2. Section 38-27-40 of the 1976 Code is amended by adding:

"(c) Each license is for an indefinite term unless sooner revoked or suspended if the annual license fee provided in this chapter is paid on or before March first in each year."

Time effective

SECTION 3. This act shall take effect upon approval by the Governor.