BIL: 4852
RTN: 387
ACN: 300
TYP: General Bill GB
INB: House
IND: 20020305
PSP: Cato
SPO: Cato
DDN: l:\council\bills\skb\18258zcw02.doc
DPB: 20020522
LAD: 20020411
GOV: S
DGA: 20020603
SUB: Insurance, requiring insurers to file rates; to expand meaning of “exempt commercial policies”; to exempt commercial policies from this requirement
HST:
Body Date Action Description Com Leg Involved
______
------20020617 Act No. A300
------20020603 Signed by Governor
------20020528 Ratified R387
Senate 20020522 Read third time, enrolled for
ratification
Senate 20020509 Read second time, notice of
general amendments
Senate 20020508 Committee report: Favorable 02 SBI
------20020506 Scrivener's error corrected
Senate 20020416 Introduced, read first time, 02 SBI
referred to Committee
House 20020412 Read third time, sent to Senate
House 20020411 Amended, read second time,
unanimous consent for third reading
on Friday, 20020412
House 20020410 Committee report: Favorable with 26 HLCI
amendment
House 20020305 Introduced, read first time, 26 HLCI
referred to Committee
Versions of This Bill
Revised on 20020410
Revised on 20020411
Revised on 20020506
Revised on 20020508
TXT:
(A300, R387, H4852)
AN ACT TO AMEND SECTION 38120, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS USED WITH RESPECT TO INSURANCE IN TITLE 38, SO AS TO EXPAND THE MEANING OF “EXEMPT COMMERCIAL POLICIES”; TO AMEND SECTIONS 3873340 AND 3873520, BOTH RELATING TO REQUIRING INSURERS TO FILE RATES AND RATING SCHEDULES AND PLANS, SO AS TO EXEMPT COMMERCIAL POLICIES FROM THIS REQUIREMENT.
Be it enacted by the General Assembly of the State of South Carolina:
Definition
SECTION 1. Section 38120 (40) of the 1976 Code is amended to read:
“(40) ‘Exempt commercial policies’ means policies for commercial insureds as may be provided for in regulation issued by the director. Exempt commercial policies include all property and casualty coverages except for insurance related to credit transactions written through financial institutions.”
Rate filings required
SECTION 2. Section 3873340 of the 1976 Code is amended to read:
“Section 3873340. Every insurer shall file with the department, except as to inland marine risks which by general custom of the business are not written according to manual rates or rating plans and except as to exempt commercial policies, every manual, minimum, or class rate, rating schedule or rating plan, and every other rating rule and every modification of any of these which it proposes to use. The filing exemption shall not apply to loss cost filings by advisory or rating organizations. Every filing shall state the proposed effective date and shall indicate the character and extent of coverage contemplated. Specific inland marine rates on risks specially rated, made by a rating organization, must be filed with the department.”
Rate filings required
SECTION 3. Section 3873520 of the 1976 Code is amended to read:
“Section 3873520. Every insurer shall file with the department, except as to exempt commercial policies, every manual of classifications, rules, and rates, every rating plan, and every modification of any of these which it proposes to use. The filing exemption shall not apply to loss cost filings by advisory or rating organizations. Every filing shall state the proposed effective date and shall indicate the character and extent of the coverage contemplated.”
Time effective
SECTION 4. This act takes effect January 1, 2003.
Ratified the 28th day of May, 2002.
Approved the 3rd day of June, 2002.
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