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H. 3450
STATUS INFORMATION
General Bill
Sponsors: Rep. Clemmons
Document Path: l:\council\bills\dka\3159dw07.doc
Introduced in the House on February 7, 2007
Currently residing in the House Committee on Labor, Commerce and Industry
Summary: Insurance nonrenewals
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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2/7/2007 House Introduced and read first time HJ-5
2/7/2007 House Referred to Committee on Labor, Commerce and Industry
HJ-5
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTION 38-75-740, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO RESTRICTIONS ON NONRENEWAL OF INSURANCE POLICIES, SO AS TO CHANGE FROM THIRTY TO NINETY DAYS THE MINIMUM TIME THAT IS REQUIRED THAT A NONRENEWAL NOTICE MUST BE SENT TO THE INSURED AND THE AGENT OF RECORD BEFORE THE EXPIRATION OR ANNIVERSARY DATE OF THE POLICY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 38-75-740(b) and (c) of the 1976 Code is amended to read:
"(b) A policy written for a term of one year or less may be nonrenewed by the insurer at its expiration date by giving or mailing written notice of nonrenewal to the insured and the agent of record, if any, not less than thirty ninety days prior to before the expiration date of the policy.
(c) Subject to subsection (c) of Section 38-75-760, a policy written for a term of more than one year or for an indefinite term may be nonrenewed by the insurer at its anniversary date by giving or mailing written notice of nonrenewal to the insured and the agent of record, if any, not less than thirty ninety days prior to before the anniversary date of the policy."
SECTION 2. This act takes effect upon approval by the Governor.
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