Current Status Bill Number:
4005Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 19950412Primary Sponsor: RichardsonAll Sponsors: Richardson and CatoDrafted Document Number: jic\5765jm.95Residing Body: SenateSubject: Multi-vehicle insurance policies
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ Senate 19950531 Read second time, ordered to third reading with notice of general amendments Senate 19950531 Recalled from Committee 02 SBI Senate 19950504 Introduced, read first time, 02 SBI referred to Committee House 19950503 Read third time, sent to Senate House 19950502 Read second time House 19950426 Committee report: Favorable 26 HLCI House 19950412 Introduced, read first time, 26 HLCI referred to CommitteeView additional legislative information at the LPITS web site.
Indicates Matter Stricken
Indicates New Matter
May 31, 1995
S. Printed 5/31/95--S.
Read the first time May 4, 1995.
TO AMEND SECTION 38-77-510, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO AUTOMOBILE INSURANCE AND THE SOUTH CAROLINA REINSURANCE FACILITY AND THE FACILITY'S DUTIES GENERALLY, SO AS TO PROVIDE THAT FOR MULTI-VEHICLE INSURANCE POLICIES, ONE OR MORE VEHICLES MAY BE CEDED TO THE FACILITY AS LONG AS THE INSURER IDENTIFIES TO THE FACILITY AND THE INSURED PRECISELY WHICH VEHICLES ARE RETAINED AND WHICH ARE CEDED AND THE RATE LEVEL FOR EACH VEHICLE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 38-77-510 of the 1976 Code, as last amended by Sections 815 and 816 of Act 181 of 1993, is further amended to read:
"Section 38-77-510. There is created a nonprofit, unincorporated legal entity known as the South Carolina Reinsurance Facility which is subject to regulations and orders promulgated by the director or his designee which are not inconsistent with the purposes of this chapter.
The facility shall reinsure, at the option of the ceding automobile insurer and subject to the provisions of this chapter, the risk covered under any policy of automobile insurance. However, these cessions must be confined to quota share reinsurance of either a one hundred percent quota share of the risk or to any other percentage of quota share reinsurance the department may permit by regulations promulgated by it.
The facility is considered to be a `using agency' as defined by Section 11-35-310. For multi-vehicle policies, one or more vehicles may be ceded as long as the insurer identifies to the facility and the insured precisely which vehicles are retained and which are ceded and the rate level for each vehicle."
SECTION 2. This act takes effect upon approval by the Governor.