S*0307(Rat #0138, Act #0077 of 1983)  General Bill, By 
Senate Banking and Insurance

Similar(S 240, H 2495)
 A Bill to amend Section 38-43-1020, Code of Laws of South Carolina, 1976,
 relating to fire, marine, and inland marine and casualty and surety rates,
 rating organizations, and hearing and action upon applications, so as to
 provide that each deviation permitted to be filed, which when approved would
 result in a uniform percentage decrease, remains effective until disapproved
 by the Chief Insurance Commissioner, and to provide for the effective period
 for each deviation permitted to be filed, which when approved would result in
 a uniform percentage increase.

   03/08/83  Senate Introduced, read first time, placed on calendar
                     without reference SJ-638
   03/15/83  Senate Read second time SJ-711
   03/17/83  Senate Read third time and sent to House SJ-747
   03/22/83  House  Introduced and read first time HJ-1617
   03/22/83  House  Referred to Committee on Labor, Commerce and
                     Industry HJ-1617
   05/25/83  House  Committee report: Favorable Labor, Commerce and
                     Industry HJ-3047
   05/26/83  House  Read second time HJ-3162
   05/27/83  House  Read third time and enrolled HJ-3202
   05/31/83         Ratified R 138
   05/31/83         Signed By Governor
   05/31/83         Effective date 05/31/83
   05/31/83         Act No. 77
   06/07/83         Copies available

AN ACT TO AMEND SECTION 38-43-1020, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO FIRE, MARINE, AND INLAND MARINE AND CASUALTY AND SURETY RATES, RATING ORGANIZATIONS, AND HEARING AND ACTION UPON APPLICATIONS, SO AS TO PROVIDE THAT EACH DEVIATION PERMITTED TO BE FILED, WHICH WHEN APPROVED WOULD RESULT IN A UNIFORM PERCENTAGE DECREASE, REMAINS EFFECTIVE UNTIL DISAPPROVED BY THE CHIEF INSURANCE COMMISSIONER, AND TO PROVIDE FOR THE EFFECTIVE PERIOD FOR EACH DEVIATION PERMITTED TO BE FILED, WHICH WHEN APPROVED WOULD RESULT IN A UNIFORM PERCENTAGE INCREASE.

Be it enacted by the General Assembly of the State of South Carolina:

Hearing

SECTION 1. Section 38-43-1020 of the 1976 Code is amended to read:

"Section 38-43-1020. Upon the filing of an application under either Sections 38-43-1000 or 38-43-1010 the Commissioner shall set a time and place for a hearing at which the insurer and such rating organization may be heard and must give them not less than ten days' written notice thereof. In the event the Commissioner is advised by the rating organization that it does not desire a hearing he may, upon the consent of the applicant, waive such hearing. In considering an application under Section 38-43-1000 for permission to file such deviation the Commissioner shall give consideration to the available statistics and the principles for rate making as provided in Section 38-43-330. The Commissioner shall issue an order permitting the deviation or modification for such insurer to be filed if he finds it to be justified, and it thereupon becomes effective. He shall issue an order denying such application if he finds that the resulting premiums would be excessive, inadequate, or unfairly discriminatory or, in the case of an application filed under Section 38-43-1010, if he finds the modification requested is not justified. Each deviation permitted to be filed, which when approved would result in a uniform percentage decrease, remains effective until disapproved by the Commissioner. Each deviation permitted to be filed, which when approved would result in a uniform percentage increase, is effective for a period of one year from the date of such permission unless terminated sooner with the approval of the Commissioner."

Time effective

SECTION 2. This act shall take effect upon approval by the Governor.