South Carolina General Assembly
108th Session, 1989-1990

Bill 3217

                    Current Status

Bill Number:               3217
Ratification Number:       229
Act Number                 150
Introducing Body:          House
Subject:                   Relating to the reinsurance
                           facility
View additional legislative information at the LPITS web site.

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

(A150, R229, H3217)

AN ACT TO AMEND SECTION 38-77-510, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REINSURANCE FACILITY, SO AS TO DELETE THE PROVISION REQUIRING AN INSURER CEDING A RISK TO THE FACILITY TO CEDE THE RISK AS A UNIT AND PROHIBITING AN INSURER FROM CEDING CERTAIN COVERAGES WHILE RETAINING OTHERS.

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

Delete certain requirements for ceding a risk

SECTION 1. The second paragraph of Section 38-77-510 of the 1976 Code is amended to read:

"The facility shall reinsure, at the option of the ceding automobile insurer and subject to the provisions of this chapter, the risk covered under any policy of automobile insurance. However, these cessions must be confined to quota share reinsurance of either a one hundred percent quota share of the risk or to any other percentage of quota share reinsurance the commissioner may permit by regulations promulgated by him."

Time effective

SECTION 2. This act takes effect October 1, 1989.