Current Status Introducing Body:House Bill Number:4494 Ratification Number:591 Act Number:517 Primary Sponsor:J. Bailey Type of Legislation:GB Subject:Property and casualty insurance guaranty association Companion Bill Number:974 Date Bill Passed both Bodies:19940525 Computer Document Number:BBM/10794JM.94 Governor's Action:S Date of Governor's Action:19940913 Introduced Date:19940113 Date of Last Amendment:19940517 Last History Body:------ Last History Date:19940913 Last History Type:Act No. 517 Scope of Legislation:Statewide All Sponsors:J. Bailey Corning McElveen Quinn Scott Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
---- ------ ------------ ------------------------------ --- ------------
4494 ------ 19940913 Act No. 517
4494 ------ 19940913 Signed by Governor
4494 ------ 19940602 Ratified R 591
4494 House 19940525 Concurred in Senate
amendment, enrolled for
ratification
4494 Senate 19940517 Amended, read third time,
returned to House with
amendments
4494 Senate 19940419 Read second time
4494 Senate 19940414 Committee Report: Favorable 02
4494 Senate 19940329 Introduced, read first time, 02
referred to Committee
4494 House 19940324 Read third time, sent to
Senate
4494 House 19940323 Read second time
4494 House 19940216 Committee Report: Favorable 26
4494 House 19940113 Introduced, read first time, 26
referred to Committee
View additional legislative information at the LPITS web site.
(A517, R591, H4494)
AN ACT TO AMEND SECTION 38-31-60, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE POWERS AND DUTIES OF THE SOUTH CAROLINA PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOCIATION, SO AS TO PROVIDE THAT A COVERED CLAIM DOES NOT INCLUDE ANY CLAIM FILED WITH THE ASSOCIATION AFTER THE FINAL DATE SET BY A COURT FOR THE FILING OF CLAIMS AGAINST THE LIQUIDATOR OR RECEIVER OF AN INSOLVENT INSURER OR ANY CLAIM FILED WITH THE ASSOCIATION MORE THAN EIGHTEEN MONTHS AFTER THE DECLARATION OF INSOLVENCY, WHICHEVER DATE OCCURS FIRST, BUT THAT THIS PROVISION SHALL BE WITHOUT PREJUDICE TO THE FILING OF A CLAIM WITH THE LIQUIDATOR OR RECEIVER OF AN INSOLVENT INSURER OR THE FILING OF A CLAIM WITH ANY OTHER GUARANTY ASSOCIATION OR SIMILAR ORGANIZATION IN ANOTHER STATE.
Be it enacted by the General Assembly of the State of South Carolina:
Covered claim; does not include certain claim; etc.
SECTION 1. Section 38-31-60(a)(2) of the 1976 Code is amended to read:
"(2) the insured's coverage is written subject to a self-insured retention equal to or in excess of three hundred thousand dollars. If the primary coverage and self-insured retention is less than three hundred thousand dollars, the association's obligation to the claimant is reduced by the coverage or retention. The Guaranty Association shall pay the full amount of a covered workers' compensation claim to a claimant notwithstanding any self-insured retention but the Guaranty Association has the right to recover the amount of the self-insured retention from the employer. The association is not obligated to pay a claimant an amount in excess of the obligation of the insolvent insurer under the policy or coverage from which the claim arises. A covered claim does not include any claim filed with the association after the final date set by a court for the filing of claims against the liquidator or receiver of an insolvent insurer, or any claim filed with the association more than eighteen months after the declaration of insolvency, whichever date occurs first; provided, however, that this provision shall be without prejudice to the filing of a claim with the liquidator or receiver of an insolvent insurer or the filing of a claim with any other Guaranty Association or similar organization in another state. The association shall pay only that amount of each unearned premium which is in excess of one hundred dollars;".
Time effective
SECTION 2. This act takes effect upon approval by the Governor.
Approved the 13th day of September, 1994.