Current Status Bill Number:
642Ratification Number: 360Act Number: 331Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 19950316Primary Sponsor: ThomasAll Sponsors: ThomasDrafted Document Number: bbm\9876jm.95Date Bill Passed both Bodies: 19960502Date of Last Amendment: 19960501Governor's Action: SDate of Governor's Action: 19960520Subject: Motor vehicle financial responsibility, self-insurers
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ ------ 19960530 Act No. A331 ------ 19960520 Signed by Governor ------ 19960514 Ratified R360 Senate 19960502 Concurred in House amendment, enrolled for ratification House 19960502 Read third time, returned to Senate with amendment House 19960501 Amended, read second time House 19960424 Committee report: Favorable with 26 HLCI amendment House 19950531 Introduced, read first time, 26 HLCI referred to Committee Senate 19950530 Read third time, sent to House Senate 19950529 Read second time, notice of general amendments Senate 19950525 Recalled from Committee, 02 SBI placed on the Calendar Senate 19950316 Introduced, read first time, 02 SBI referred to CommitteeView additional legislative information at the LPITS web site.
(A331, R360, S642)
AN ACT TO AMEND SECTION 56-9-60, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE MOTOR VEHICLE FINANCIAL RESPONSIBILITY ACT, SELF-INSURERS, AND DETERMINATION OF FINANCIAL RESPONSIBILITY, SO AS TO EXTEND FROM FIVE TO TEN DAYS THE NOTICE REQUIRED BEFORE A HEARING TO CANCEL SELF-INSURER STATUS FOR A PERSON OR COMPANY WITH MORE THAN TWENTY-FIVE REGISTERED VEHICLES AND TO REQUIRE THAT A COPY OF THE APPLICANT'S LATEST FINANCIAL STATEMENT PREPARED BY A CERTIFIED PUBLIC ACCOUNTANT LICENSED TO DO BUSINESS IN SOUTH CAROLINA INDICATING THAT THE APPLICANT HAS A POSITIVE NET WORTH MUST BE SUBMITTED FOR A DETERMINATION OF FINANCIAL RESPONSIBILITY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 56-9-60 of the 1976 Code, as last amended by Act 492 of 1992, is further amended to read:
"Section 56-9-60. A person or company who has more than twenty-five motor vehicles registered in his name may qualify as a self-insurer provided that the department is satisfied that the person or company is able to pay any judgments obtained against the person or company. Upon not less than ten days' notice and a hearing pursuant to the notice, the department may cancel self-insurer status when the requirements for the status no longer are met. The person or company must submit the following information to the department for it to determine financial responsibility:
(1) a copy of the applicant's latest financial statement prepared by a certified public accountant licensed to do business in South Carolina, indicating that the applicant has a positive net worth; and
(2) a current list of all vehicles registered in applicant's name; and
(3) the applicant's procedural guidelines for processing claims; and
(4) the applicant must have a net worth of at least twenty million dollars or the department may require the applicant to deposit in a segregated self-insured claims account the sum of three thousand dollars for each vehicle to be covered by the self-insurer's certificate. Eighty percent must be cash, and the remaining twenty percent may be satisfied by the `quick sale' appraised value of real estate located in the State, as certified by a licensed appraiser. The three thousand dollar a vehicle amount may not decrease more than thirty percent in any given certificate year."
SECTION 2. This act takes effect upon approval by the Governor.
Approved the 20th day of May, 1996.