Current StatusView additional legislative information at the LPITS web site.Bill Number: 2260 Ratification Number: 183 Act Number 131 Introducing Body: House Subject: Broker shall file with commissioner request for approval of placement
(A131, R183, H2260)
AN ACT TO AMEND SECTION 38-47-130, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE PROCEDURE FOR PLACING INSURANCE WITH AN INSURER NOT LICENSED IN THIS STATE, SO AS TO REQUIRE THE BROKER TO OBTAIN WRITTEN APPROVAL OF THE CHIEF INSURANCE COMMISSIONER FOR PLACEMENT OF SUCH INSURANCE WITHIN A SPECIFIED TIME FRAME AND TO PROVIDE A PENALTY.
Be it enacted by the General Assembly of the State of South Carolina
Broker shall file with commissioner request for approval of placement
SECTION 1. Section 38-47-130 of the 1976 Code is amended to read:
"Section 38-47-130. Within twenty days after placing of insurance with an insurer not licensed in this State or the effective date of the policy, whichever comes first, a broker shall file with the Commissioner a written request for approval of the placement. The request shall be filed on forms furnished by the Commissioner. The broker shall write or stamp upon the face of each policy of an insurer not licensed in this State the words 'This company not licensed to do business in this State'. If for any reason the Commissioner disapproves the placement, the broker shall refund the full premium to the policyholder. In the event the broker fails to file the request for approval in the time required, the Commissioner may impose a penalty not to exceed five percent of the total premium. Any such penalty collected shall be deposited in the general fund of the State."
Time effective
SECTION 2. This act shall take effect January 1, 1982.