South Carolina General Assembly
114th Session, 2001-2002

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Bill 499


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                      499
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  20010327
Primary Sponsor:                  McConnell
All Sponsors:                     McConnell
Drafted Document Number:          l:\council\bills\bbm\10125mm01.doc
Companion Bill Number:            3880
Residing Body:                    Senate
Current Committee:                Banking and Insurance Committee 02 SBI
Subject:                          Reinsurance facility, surcharge on 
                                  liability insurance premiums for recoupment of 
                                  losses, etc.; Insurance, Motor vehicle


                        History

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

View additional legislative information at the LPITS web site.


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

A 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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