Current Status Introducing Body:House Bill Number:4497 Primary Sponsor:J. Bailey Type of Legislation:GB Subject:Automobile insurance Residing Body:House Companion Bill Number:972 Computer Document Number:BBM/10786JM.94 Introduced Date:19940113 Date of Last Amendment:19940525 Last History Body:House Last History Date:19940526 Last History Type:Continued the Bill 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
____ ______ ____________ ______________________________ ___ ____________
4497 House 19940526 Continued the Bill
4497 House 19940525 Debate interrupted
4497 House 19940525 Senate amendments amended
4497 Senate 19940517 Amended, read third time,
returned to House with
amendments
4497 Senate 19940419 Read second time, notice of
general amendments
4497 Senate 19940414 Committee Report: Favorable 02
4497 Senate 19940329 Introduced, read first time, 02
referred to Committee
4497 House 19940325 Read third time, sent to
Senate
4497 House 19940324 Read second time, unanimous
consent for third reading on
next Legislative day
4497 House 19940223 Committee Report: Favorable 26
4497 House 19940113 Introduced, read first time, 26
referred to Committee
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Indicates Matter Stricken
Indicates New Matter
AMENDED--NOT PRINTED IN THE HOUSE
Amendment No. 1 (L:\printing\daily\amend\4497h.1)
May 25, 1994
H. 4497
Introduced by REPS. J. Bailey, Corning, McElveen, Quinn and Scott
S. Printed 5/18/94--H.
Read the first time January 13, 1994.
TO AMEND SECTION 38-77-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE DEFINITION OF "AUTOMOBILE INSURANCE", SO AS TO DELETE CERTAIN LANGUAGE AND PROVIDE THAT AN AUTOMOBILE INSURANCE POLICY INCLUDES A MOTOR VEHICLE LIABILITY POLICY DEFINED IN SECTION 56-9-20 AND ANY NAMED NONOWNER AUTOMOBILE INSURANCE POLICY.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 38-77-30(1) of the 1976 Code, as last amended by Act 443 of 1992, is further amended to read:
"(1) `Automobile insurance' means automobile bodily injury and property damage liability insurance, including medical payments and uninsured motorist coverage, and automobile physical damage insurance such as automobile comprehensive physical damage, collision, fire, theft, combined additional coverage, and similar automobile physical damage insurance and economic loss benefits as provided by this chapter written or offered by automobile insurers. An automobile insurance policy includes a motor vehicle liability policy as defined in item (7) of Section 56-9-20 and any named nonowner automobile insurance policy which covers an individual private passenger automobile not owned by the insured, a family member of the insured, or a resident of the same household as the insured."
SECTION 2. Section 38-73-1420 of the 1976 Code, as added by Act 148 of 1989, is amended to read:
"Section 38-73-1420. After June 30, 1989 1994, and annually thereafter, the Board of Governors of the South Carolina Reinsurance Facility shall authorize a licensed rating organization approved by the commissioner to file with the commissioner an expense component for private passenger automobile insurance rate or premium charges and after the rating organization with the largest number of members or subscribers has filed a pure loss component for private passenger automobile insurance written by those automobile insurers designated pursuant to Section 38-77-590(a), for risks written by them through producers designated pursuant to that same section with the commissioner. Upon the approval of such component the components, those automobile insurers designated pursuant to Section 38-77-590(A)(a), for risks written by them through producers designated pursuant to that same section, shall utilize these final rate or premium charges, provided that the final rate or premium charges must be discounted from the actuarially indicated rates so that the projected combined loss ratio for risks subject to the final rate or premium charges is one hundred fifteen percent. This rate adjustment must occur evenly over a four-year period. Pursuant to Section 38-77-610, reinsurance facility recoupment charges must be reduced to the extent of resulting reductions in facility operating losses. Automobile insurers designated pursuant to Section 38-77-590(A)(a) are not required to use those same final rates or premium charges for risks written through their agents not appointed pursuant to Section 38-77-590."
SECTION 3. Section 38-77-350(C) of the 1976 Code, as added by Act 148 of 1989, is amended to read:
"(C) An automobile insurer is not required to make a new offer of coverage on any automobile insurance policy which renews, extends, changes, supersedes, or replaces an existing policy. However, the first renewal notices for existing policies after December 1, 1989, must include the form provided in subsection (A). A policy of automobile insurance offered or issued by a new servicing carrier for the South Carolina Reinsurance Facility to replace a policy previously issued by a former servicing carrier and containing the same coverage limits as the former policy constitutes a valid replacement policy that does not require the new servicing carrier or agent to make a new offer of coverage or to obtain a new application from the insured."
SECTION 4. This act takes effect upon approval by the Governor.