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COMMITTEE REPORT
February 6, 2002
H. 4430
S. Printed 2/6/02--H.
Read the first time January 8, 2002.
To whom was referred a Bill (H. 4430) to amend Section 38-43-106, as amended, Code of Laws of South Carolina, 1976, relating to continuing education requirements for insurance agents and the advisory committee, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass with amendment:
Amend the bill, as and if amended, in SECTION 1, Line 8, Page 2, by striking /Carolina's Association of Professional Insurance Agents / and inserting:
/ Professional Insurance Agents of South Carolina /
Renumber sections to conform.
Amend totals and title to conform.
HARRY F. CATO for Committee.
TO AMEND SECTION 38-43-106, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CONTINUING EDUCATION REQUIREMENTS FOR INSURANCE AGENTS AND THE ADVISORY COMMITTEE TO THE DEPARTMENT OF INSURANCE WHICH RECOMMENDS CONTINUING EDUCATION COURSES FOR APPROVAL BY THE DEPARTMENT, SO AS TO MAKE A TECHNICAL CORRECTION BY CHANGING THE NAME OF AN ADVISORY BOARD MEMBER FROM THE SOUTH CAROLINA ASSOCIATION OF LIFE UNDERWRITERS TO ITS CURRENT NAME OF THE SOUTH CAROLINA ASSOCIATION OF INSURANCE AND FINANCIAL ADVISORS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The second paragraph of Section 38-43-106(C) of the 1976 Code, as last amended by Act 273 of 2000, is further amended to read:
"The department may promulgate regulations prescribing the overall parameters of continuing education requirements, and these regulations shall expressly authorize the director or his designee to recognize product-specific training offered by insurers, subject to those parameters and guidelines as are promulgated by the regulations. The director of the department shall appoint an advisory committee to make recommendations with respect to courses offered for approval, but the director or his designee shall retain authority with respect to course approvals, subject to those regulations as are promulgated. When the advisory committee is approved, it shall meet regularly as needed, but no less than semiannually, to review new course applications. Also, the advisory committee shall review modifications of courses previously approved and review previously promulgated regulations to make recommendations regarding any need for modifications, deletions, or new regulations. The advisory committee must be comprised of sixteen representatives. In making these appointments, the director may accept nominations for qualified individuals from the Carolina's Association of Professional Insurance Agents; the Independent Insurance Agents of South Carolina; the South Carolina Association of Automobile Insurance Agents; the South Carolina Association of Life Underwriters Insurance and Financial Advisors; the Association of South Carolina Life Insurance Companies; the Direct Writers Insurance Companies; insurers that are not members of any national insurance trade association; and any other individual, group, or trade or professional association."
SECTION 2. This act takes effect upon approval by the Governor.
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