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499Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 20010327Primary Sponsor: McConnellAll Sponsors: McConnellDrafted Document Number: l:\council\bills\bbm\10125mm01.docCompanion Bill Number: 3880Residing Body: SenateCurrent Committee: Banking and Insurance Committee 02 SBISubject: Reinsurance facility, surcharge on liability insurance premiums for recoupment of losses, etc.; Insurance, Motor vehicleHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 20010406 Companion Bill No. 3880 Senate 20010327 Introduced, read first time, 02 SBI referred to Committee Versions of This Bill
TO AMEND ARTICLE 5, CHAPTER 77, TITLE 38 OF THE 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:
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, any insured or policyholder who does not have insurance merit rating points on March 1, 1999, pursuant to the Uniform Merit Rating Plan in effect on March 1, 1999, may not be surcharged 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 made on all drivers having points on March 1, 1999, on the basis of the merit rating plan in effect on March 1, 1999."
SECTION 2. This act takes effect upon approval by the Governor.
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