Bill 3312

                    Current Status

Bill Number:               3312
Ratification Number:       336
Act Number                 324
Introducing Body:          House
Subject:                   Requirements for insurer to file an
                           annual report with Chief Insurance
                           Commissioner

(A324, R336, H3312)

AN ACT TO AMEND SECTION 38-13-80, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REQUIREMENT THAT EVERY INSURER FILE AN ANNUAL STATEMENT WITH THE CHIEF INSURANCE COMMISSIONER SHOWING THE BUSINESS STANDING AND FINANCIAL CONDITION OF THE INSURER, SO AS TO REQUIRE THAT THE STATEMENT BE VERIFIED BY TWO OF ITS PRINCIPAL OFFICERS INSTEAD OF BEING SIGNED BY ITS PRESIDENT.

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

Statement to be filed

SECTION 1. Section 38-13-80 of the 1976 Code is amended to read:

"Section 38-13-80. Every insurer shall annually file with the Commissioner by March first, in the form and detail the Commissioner prescribes, a statement showing the business standing and financial condition of the insurer on December thirty-first of the preceding year, except that upon timely written request by the chief managing agent or officer setting forth reasons why the statement cannot be filed within the time provided, the Commissioner may grant in writing an extension of filing time for a period not to exceed thirty days. The annual statement must be verified by at least two of its principal officers, at least one of whom prepared or supervised the preparation of the annual statement. The Commissioner shall furnish each domestic insurer two blanks for its annual statement."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.