South Carolina General Assembly
108th Session, 1989-1990

Bill 1151

                    Current Status

Bill Number:               1151
Ratification Number:       383
Act Number                 347
Introducing Body:          Senate
Subject:                   Retaliatory taxes
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A347, R383, S1151)

AN ACT TO AMEND SECTION 38-7-90, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO RETALIATORY TAXES, PENALTIES, INTEREST, AND FEES BY OTHER STATES ON INSURANCE COMPANIES CHARTERED BY THIS STATE DOING BUSINESS IN THOSE STATES, SO AS TO DELETE LANGUAGE RELATING TO WHAT THE APPLICATION OF THIS SECTION IS BASED, TO CHANGE THE MANNER IN WHICH THIS SECTION IS APPLIED, AND PROVIDE THAT THIS SECTION IS EFFECTIVE FOR ALL INSURANCE PREMIUMS COLLECTED AFTER DECEMBER 31, 1989, AND TO ALL INSURANCE PREMIUM TAX RATES FILED BEGINNING WITH QUARTERLY RETURNS DUE SEPTEMBER 1, 1990, AND QUARTERLY AND ANNUAL RETURNS FILED AFTER THAT TIME.

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

Retaliatory taxes

SECTION 1. Section 38-7-90 of the 1976 Code is amended to read:

"Section 38-7-90. (A) When the laws of any other state or the regulations or actions of any public official of another state subject, or would subject, insurance companies chartered by this State, or their agents or representatives, to fees, taxes, obligations, conditions, restrictions, or penalties for the privilege of doing business in that state which are greater than those required by this State of similar insurers organized or domiciled in the other state by or in this State for the privilege of doing business herein, then all similar insurers organized or domiciled in that state are subjected to the greater requirements which are or would be imposed by or in that state upon similar insurers of this State.

(B) This section must be applied, regardless of whether an insurer chartered by this State is doing business in the other state. The application of this section is based upon a comparison of the aggregate requirements imposed by this State with the aggregate requirements imposed by the other state. Taxes, fees, or other obligations imposed by municipalities are considered in the application of this section.

(C) This section is effective for all insurance premiums collected after December 31, 1989, and to all insurance premium tax returns filed beginning with the quarterly return due September 1, 1990, and all quarterly and annual returns filed after that time."

Time effective

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

Approved the 19th day of March, 1990.