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May 3, 2000
S. Printed 5/3/00--H.
Read the first time May 3, 2000.
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.
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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