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3880Ratification Number: 89Act Number: 45Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 20010405Primary Sponsor: CatoAll Sponsors: CatoDrafted Document Number: l:\council\bills\bbm\10121mm01.docCompanion Bill Number: 499Date Bill Passed both Bodies: 20010515Governor's Action: SDate of Governor's Action: 20010529Subject: Reinsurance facility, surcharge on liability insurance premiums for recoupment of losses, etc.; Insurance, Motor vehicleHistory 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
(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."
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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