Current Status Introducing Body:
HouseBill Number: 4494Ratification Number: 591Act Number: 517Primary Sponsor: J. BaileyType of Legislation: GBSubject: Property and casualty insurance guaranty associationCompanion Bill Number: 974Date Bill Passed both Bodies: 19940525Computer Document Number: BBM/10794JM.94Governor's Action: SDate of Governor's Action: 19940913Introduced Date: 19940113Date of Last Amendment: 19940517Last History Body: ------Last History Date: 19940913Last History Type: Act No. 517Scope of Legislation: StatewideAll Sponsors: J. Bailey Corning McElveen Quinn ScottType 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 CommitteeView 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;".
SECTION 2. This act takes effect upon approval by the Governor.
Approved the 13th day of September, 1994.