Download This Version in Microsoft Word format
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.
This web page was last updated on Monday, June 22, 2009 at 2:39 P.M.