Bill 204

                    Current Status

Bill Number:                    204
Ratification Number:            269
Act Number:                     260
Type of Legislation:            General Bill GB
Introducing Body:               Senate
Introduced Date:                19970121
Primary Sponsor:                Courson 
All Sponsors:                   Courson 
Drafted Document Number:        res1223.jec
Date Bill Passed both Bodies:   19980203
Governor's Action:              S
Date of Governor's Action:      19980220
Subject:                        Insurance, agents or brokers;
                                surplus lines insurer; approval of
                                placement, days within to file
                                changed

Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

------  19980306  Act No. A260
------  19980220  Signed by Governor
------  19980217  Ratified R269
House   19980203  Read third time, enrolled for
                  ratification
House   19980129  Read second time
House   19980128  Committee report: Favorable              26 HLCI
House   19970401  Introduced, read first time,             26 HLCI
                  referred to Committee
Senate  19970326  Read third time, sent to House
Senate  19970325  Read second time, unanimous
                  consent for third reading on
                  Wednesday, 19970326
Senate  19970320  Committee report: Favorable              02 SBI
Senate  19970121  Introduced, read first time,             02 SBI
                  referred to Committee

(A260, R269, S204)

AN ACT TO AMEND SECTION 38-45-110, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PLACING INSURANCE WITH A SURPLUS LINES INSURER, SO AS TO CHANGE FROM TWENTY TO THIRTY THE NUMBER OF DAYS WITHIN WHICH A BROKER MUST FILE A WRITTEN REQUEST WITH THE DEPARTMENT OF INSURANCE FOR APPROVAL OF THE PLACEMENT.

Be it enacted by the General Assembly of the State of South Carolina:

Filing time for request for approval of placement extended

SECTION 1. Section 38-45-110 of the 1976 Code, as amended by Act 181 of 1993, is further amended to read:

Section 38-45-110. Within thirty days after placing of insurance with an eligible surplus lines insurer, or the effective date of the policy, whichever comes first, a broker shall file with the department a written request for approval of the placement. The request must be filed on forms furnished by the department. The broker shall write or stamp upon the face of each policy and application of an eligible surplus lines insurer the words 'This company not licensed to do business in this State and not afforded guaranty fund protection'. If for any reason the director or his designee disapproves the placement, the broker shall refund the full premium to the policyholder. In the event the broker fails to file the request for approval in the time required, the director or his designee may impose a penalty not to exceed five percent of the total premium.

Time effective

SECTION 2. This act takes effect upon approval by the Governor.

Approved the 20th day of February, 1998.