Bill 410

                    Current Status

Bill Number:               410
Ratification Number:       337
Act Number                 321
Introducing Body:          Senate
Subject:                   Authority of Chief Insurance
                           Commissioner

(A321, R337, S410)

AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 38-73-495 SO AS TO PROVIDE THAT THE CHIEF INSURANCE COMMISSIONER MAY DISAPPROVE A PREVIOUSLY APPROVED RATE FOR A CLASSIFICATION OF WORKERS' COMPENSATION INSURANCE UPON A FINDING THAT THE RATE IS EXCESSIVE, INADEQUATE, OR UNFAIRLY DISCRIMINATORY, TO ALLOW THE COMMISSIONER TO DIVIDE OR COMBINE CLASSIFICATIONS UPON A FINDING THAT THE ACTION IS IN THE PUBLIC INTEREST, AND TO ALLOW THE COMMISSIONER TO REASSIGN A RISK CLASSIFICATION UPON A FINDING THAT A RISK IS INCORRECTLY CLASSIFIED.

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

Authority of Chief Insurance Commissioner

SECTION 1. Article 5, Chapter 73, Title 38 of the 1976 Code is amended by adding:

"Section 38-73-495. At any time, the commissioner may:

(1) disapprove a previously approved rate for any classification for workers' compensation insurance upon a finding that the rate for that classification is excessive, inadequate, or unfairly discriminatory;

(2) require the division of a particular classification into separate classifications, or the joining of separate classifications into one classification, upon a finding that such action is in the public interest;

(3) direct that a particular risk be classified in a particular classification upon a finding that a risk is classified incorrectly."

Time effective

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

Approved the 21st day of February, 1990.