Bill 642

                    Current Status

Bill Number:               642
Ratification Number:       167
Act Number                 109
Introducing Body:          Senate
Subject:                   License fees for holding companies

(A109, R167, S642)

AN ACT TO AMEND SECTION 12-19-95, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO FEES OF BANK HOLDING COMPANIES AND SAVINGS AND LOAN HOLDING COMPANIES, SO AS TO PROVIDE THAT CORPORATE LICENSE FEES PAID BY INSURANCE HOLDING COMPANY SYSTEMS MUST BE MEASURED IN THE SAME MANNER THAT CORPORATE LICENSE FEES FOR BANK HOLDING COMPANIES AND SAVINGS AND LOAN HOLDING COMPANIES ARE MEASURED AND TO DEFINE "INSURER", "INSURANCE HOLDING COMPANY SYSTEM", AND "SUBSIDIARY" OF AN INSURANCE HOLDING COMPANY SYSTEM.

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

License fees for holding companies

SECTION 1. Section 12-19-95 of the 1976 Code, as last amended by Act 303 of 1988, is further amended to read:

"Section 12-19-95. The amount of the license fee required by Section 12-19-70 for a bank holding company, insurance holding company system, and savings and loan holding company must be measured by the capital stock and paid in surplus of the holding company exclusive of the capital stock and paid in surplus of a bank, insurer, or savings and loan association that is a subsidiary of the holding company. For the purposes of this section, 'bank', 'bank holding company', and a 'subsidiary' of a bank holding company have the same definitions as stated in Section 34-24-20; 'insurer', 'insurance holding company system', and a 'subsidiary' of an insurance holding company system have the same definitions as stated in Section 38-21-10; and savings and loan 'association', 'savings and loan holding company', and a 'subsidiary' of a savings and loan holding company have the same definitions as stated in Section 34-28-300."

Time effective

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