BIL: 3880
RTN: 89
ACN: 45
TYP: General Bill GB
INB: House
IND: 20010405
PSP: Cato
SPO: Cato
DDN: l:\council\bills\bbm\10121mm01.doc
CBN: 499
DPB: 20010515
GOV: S
DGA: 20010529
SUB: Reinsurance facility, surcharge on liability insurance premiums for recoupment of losses, etc.; Insurance, Motor vehicle
HST:
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 20010425
Revised on 20010509
TXT:
(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 3877640 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 3877640. Pursuant to the plan of operation related to the South Carolina Reinsurance Facility outlined in Section 3877530, 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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