Current Status Introducing Body:
SenateBill Number: 409Primary Sponsor: SaleebyCommittee Number: 02Type of Legislation: GBSubject: Motor vehicle insurance premiumsResiding Body: SenateCurrent Committee: Banking and InsuranceComputer Document Number: 409Introduced Date: 19930211Last History Body: SenateLast History Date: 19930211Last History Type: Introduced, read first time, referred to CommitteeScope of Legislation: StatewideAll Sponsors: SaleebyType of Legislation: General Bill
Bill Body Date Action Description CMN Leg Involved ____ ______ ____________ ______________________________ ___ ____________ 409 Senate 19930211 Introduced, read first time, 02 referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND SECTION 38-77-950, CODE OF LAWS OF SOUTH CAROLINA, 1976, SO AS TO PROVIDE THAT THE TOTAL DIRECT CEDEABLE WRITTEN PREMIUMS AS USED IN THIS SECTION DO NOT INCLUDE PREMIUMS ATTRIBUTABLE TO RISKS CEDED TO THE FACILITY THAT DO NOT QUALIFY FOR THE SAFE DRIVER DISCOUNT PURSUANT TO SECTION 38-73-760(e).
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 38-77-950 of the 1976 Code is amended to read:
"Section 38-77-950. It is the intent of this chapter that the facility must not be excessively nor unreasonably utilized by automobile insurers for unfairly competitive purposes or for purposes of unfairly discriminating against certain classes or types of automobile insurance risks having the same or similar objective risk characteristics as other risks in the same class under the rating plan for the classification of risks promulgated by the department, nor for the purpose of discriminating against the risks or risks in certain rating territories. The commissioner shall prohibit unreasonable or excessive utilization of the facility. A prima facie case of excessive or unreasonable utilization is established upon a showing that an automobile insurance insurer or a group of insurers under the same management has ceded or is about to cede more than thirty-five percent of total direct cedeable written premiums on South Carolina automobile insurance as reported in the most recently filed annual statement of the insurer or group. Upon the written request of the policyholder, insurance companies doing business in this State shall give written notice to the policyholder informing him whether or not he and a driver under the policy is in the facility. Insurers shall give written notice to the policyholder of a risk ceded to the facility which does not qualify for the safe driver discount in Section 38-73-760(e).
Total direct cedeable written premiums as used in this section do not include premiums attributable to risks ceded to the facility that do not qualify for the safe driver discount in Section 38-73-760(e)."
SECTION 2. This act takes effect upon approval of the Governor.