Current Status Introducing Body:House Bill Number:4439 Ratification Number:617 Act Number:492 Primary Sponsor:Altman Type of Legislation:GB Subject:Self-insurers, financial responsibility Date Bill Passed both Bodies:Jun 04, 1992 Computer Document Number:DKA/3589.AL Governor's Action:S Date of Governor's Action:Jul 01, 1992 Introduced Date:Feb 20, 1992 Date of Last Amendment:Jun 04, 1992 Last History Body:------ Last History Date:Jul 01, 1992 Last History Type:Act No. 492 Scope of Legislation:Statewide All Sponsors:Altman Type of Legislation:General Bill
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
4439 ------ Jul 01, 1992 Act No. 492
4439 ------ Jul 01, 1992 Signed by Governor
4439 ------ Jun 04, 1992 Ratified R 617
4439 House Jun 04, 1992 Concurred in Senate
amendment, enrolled for
ratification
4439 Senate Jun 04, 1992 Amended, read third time,
returned with amendment
4439 Senate Jun 02, 1992 Reconsidered vote whereby
read third time
4439 House Jun 02, 1992 Returned the Bill to the
Senate
4439 Senate Jun 02, 1992 Requested the House to return
the Bill
4439 Senate May 29, 1992 Read third time, returned to
House with amendment
4439 Senate May 28, 1992 Amended, read second time,
unanimous consent for third
reading on Friday, May 29,
1992
4439 Senate May 19, 1992 Polled out of Committee 02
4439 Senate Apr 06, 1992 Introduced, read first time, 02
referred to Committee
4439 House Apr 02, 1992 Read third time, sent to
Senate
4439 House Apr 01, 1992 Amended, read second time
4439 House Mar 19, 1992 Committee Report: Favorable 26
with amendment
4439 House Feb 20, 1992 Introduced, read first time, 26
referred to Committee
View additional legislative information at the LPITS web site.
(A492, R617, H4439)
AN ACT TO AMEND SECTION 56-9-60, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO APPLICATION AND CERTIFICATE FOR SELF-INSURERS, SO AS TO REQUIRE CERTAIN INFORMATION TO BE SUBMITTED TO DETERMINE FINANCIAL RESPONSIBILITY.
Be it enacted by the General Assembly of the State of South Carolina:
Certificate for self-insurers for motor vehicles
SECTION 1. Section 56-9-60 of the 1976 Code is amended to read:
"Section 56-9-60. A person or company who has more than twenty-five motor vehicles registered in his name may qualify as a self-insurer provided that the department is satisfied that the person or company is able to pay any judgments obtained against the person or company. Upon not less than five days' notice and a hearing pursuant to the notice, the department may cancel self-insurer status when the requirements for the status no longer are met. The person or company must submit the following information to the department for it to determine financial responsibility:
(1) a copy of the applicant's latest, certified, audited financial statement indicating that the applicant has a positive net worth;
(2) a current list of all vehicles registered in applicant's name;
(3) the applicant's procedural guidelines for processing claims;
(4) the applicant must have a net worth of at least twenty million dollars or the department may require the applicant to deposit in a segregated self-insured claims account the sum of three thousand dollars for each vehicle to be covered by the self-insurer's certificate. Eighty percent must be cash and the remaining twenty percent may be satisfied by the `quick sale' appraised value of real estate located in the State, as certified by a licensed appraiser. The three thousand dollar a vehicle amount may not decrease more than thirty percent in any given certificate year."
Time effective
SECTION 2. This act takes effect upon approval by the Governor.
Approved the 1st day of July, 1992.