South Carolina General Assembly
113th Session, 1999-2000

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Bill 5026

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Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

INTRODUCED

May 3, 2000

H. 5026

Introduced by Labor, Commerce and Industry Committee

S. Printed 5/3/00--H.

Read the first time May 3, 2000.

            

A JOINT RESOLUTION

TO APPROVE REGULATIONS OF THE DEPARTMENT OF INSURANCE, RELATING TO HURRICANE DEDUCTIBLE, DESIGNATED AS REGULATION DOCUMENT NUMBER 2501, PURSUANT TO THE PROVISIONS OF ARTICLE 1, CHAPTER 23, TITLE 1 OF THE 1976 CODE.

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

SECTION 1. The regulations of the Department of Insurance, relating to hurricane deductible, designated as Regulation Document Number 2501, and submitted to the General Assembly pursuant to the provisions of Article 1, Chapter 23, Title 1 of the 1976 Code, are approved.

SECTION 2. This joint resolution takes effect upon approval by the Governor.

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SUMMARY AS SUBMITTED

BY PROMULGATING AGENCY.

The purpose of this regulation is to clarify the requirements of the process by which insurers inform policyholders who purchase property policies insuring the perils of wind/hail which contain wind/hail deductibles of such deductibles and to require the policyholder to sign or initial the notice prior to changing the amount of the wind/hail deductible.

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