South Carolina General Assembly
114th Session, 2001-2002

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Bill 3880


                    Current Status

Bill Number:                      3880
Ratification Number:              89
Act Number:                       45
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20010405
Primary Sponsor:                  Cato
All Sponsors:                     Cato
Drafted Document Number:          l:\council\bills\bbm\10121mm01.doc
Companion Bill Number:            499
Date Bill Passed both Bodies:     20010515
Governor's Action:                S
Date of Governor's Action:        20010529
Subject:                          Reinsurance facility, surcharge on 
                                  liability insurance premiums for recoupment of 
                                  losses, etc.; Insurance, Motor vehicle


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
------  20010611  Act No. A45
------  20010529  Signed by Governor
------  20010523  Ratified R89
Senate  20010515  Read third time, enrolled for
                  ratification
Senate  20010514  Read second time, notice of
                  general amendments
Senate  20010509  Committee report: Favorable            02 SBI
Senate  20010501  Introduced, read first time,           02 SBI
                  referred to Committee
House   20010427  Read third time, sent to Senate
House   20010426  Read second time, unanimous
                  consent for third reading on 
                  Friday, 20010427
House   20010425  Committee report: Favorable            26 HLCI
------  20010406  Companion Bill No. 499
House   20010405  Introduced, read first time,           26 HLCI
                  referred to Committee


              Versions of This Bill
Revised on April 25, 2001 - Word format
Revised on May 9, 2001 - Word format

View additional legislative information at the LPITS web site.


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

(A45, R89, H3880)

AN ACT TO AMEND ARTICLE 5, CHAPTER 77, TITLE 38, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REINSURANCE FACILITY AND DESIGNATED PRODUCERS, BY ADDING SECTION 38-77-640 SO AS TO CLARIFY AND FURTHER EXPLAIN THE CRITERIA FOR IMPOSITION OF A SURCHARGE ON LIABILITY INSURANCE PREMIUMS FOR RECOUPMENT OF FACILITY ASSESSMENTS OR LOSSES.

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

Exemption from recoupment surcharge

SECTION 1. The 1976 Code is amended by adding:

"Section 38-77-640. Pursuant to the plan of operation related to the South Carolina Reinsurance Facility outlined in Section 38-77-530, beginning on March 1, 2002, and continuing after that, an insured or a policyholder without insurance merit rating points on March 1, 1999, pursuant to the Uniform Merit Rating Plan in effect on March 1, 1999, is exempt from a surcharge for the recoupment of facility assessments or losses. A clean or nonpointed risk must not have any form of recoupment imposed to recoup facility losses; provided that, beginning on March 1, 2002, and continuing until the Department of Insurance determines it is unnecessary, a premium surcharge on liability premiums must be imposed pursuant to a plan promulgated by regulation by the director using driving records as of March 1, 1999."

Time effective

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

Ratified the 23rd day of May, 2001.

Approved the 29th day of May, 2001.

__________


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