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The Senate assembled at 11:00 A.M., the hour to which it stood adjourned and was called to order by the ACTING PRESIDENT, Senator GIESE.

The following were introduced:

H. 3177 -- Reps. Cooper and Chamblee: A BILL TO AMEND SECTION 5-1-30, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REQUIREMENTS THAT MUST BE MET BEFORE THE SECRETARY OF STATE MAY ISSUE A CORPORATE CERTIFICATE AND THE EXCEPTIONS TO THESE REQUIREMENTS, SO AS TO PROVIDE ADDITIONAL EXCEPTIONS.

Read the first time and ordered placed on the local and uncontested Calendar without reference.

H. 3445 -- Reps. Baxley, Beasley, J. Harris, Kinon and Harwell: A JOINT RESOLUTION REQUIRING A SPECIAL ELECTION TO BE CONDUCTED ON TUESDAY, MARCH 26, 1991, TO FILL A VACANCY IN THE HOUSE OF REPRESENTATIVES, DISTRICT 54, IN MARLBORO COUNTY.

By prior motion of Senator SALEEBY, with unanimous consent, the Joint Resolution was read the first time and ordered placed on the Calendar without reference.

The following Bills were severally read the third time, passed and ordered sent to the House of Representatives:

S. 589 -- Banking and Insurance Committee: A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING CHAPTER 26 TO TITLE 38 SO AS TO PROVIDE FOR THE ADMINISTRATIVE SUPERVISION OF INSURERS ACT; TO AMEND THE 1976 CODE BY ADDING SECTION 38-27-100 SO AS TO PROVIDE FOR THE CONDUCT OF INSURANCE PROCEEDINGS BEGUN BEFORE THE EFFECTIVE DATE OF THE INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION ACT; TO AMEND THE 1976 CODE BY ADDING SECTION 38-27-110 SO AS TO PROVIDE FOR PAYMENTS TO A GUARANTY ASSOCIATION WHEN AN INSURER IS SUBJECT TO A DELINQUENCY PROCEEDING; TO AMEND SECTION 38-27-10, RELATING TO THE CITE FOR THE "INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION ACT", SO AS TO DELETE "SUPERVISION"; TO AMEND SECTION 38-27-40, RELATING TO APPLICATION OF THE ACT, SO AS TO ADD PREPAID HEALTH CARE DELIVERY PLANS; TO AMEND SECTIONS 38-27-50, 38-27-230, AND 38-27-310, RELATING TO DEFINITIONS, HEARINGS, AND REHABILITATION UNDER THE ACT, SO AS TO DELETE THE REFERENCES TO "VALID" AS IT APPLIES TO "ORDER" AND SECTION 38-27-210, INSURANCE COMMISSIONER'S ORDERS AND SUPERVISION; TO AMEND SECTION 38-27-370, RELATING TO ORDERS TO LIQUIDATE AN INSURER, SO AS TO PROVIDE FOR A PLAN FOR THE CONTINUED PERFORMANCE OF A DEFENDANT COMPANY'S POLICY CLAIMS OBLIGATIONS DURING THE PENDENCY OF AN APPEAL; TO AMEND SECTION 38-27-400, RELATING TO THE POWERS OF A LIQUIDATOR, SO AS TO AUTHORIZE THE AUDIT OF THE BOOKS AND RECORDS OF AGENTS OF THE INSURER AND PROVIDE THAT A LIQUIDATOR IS NOT OBLIGATED TO DEFEND OR CONTINUE TO DEFEND CLAIMS AFTER THE ENTRY OF A LIQUIDATION ORDER; TO AMEND SECTION 38-27-610, RELATING TO THE PRIORITY OF DISTRIBUTION OF CLAIMS FROM AN INSURER'S ESTATE, SO AS TO INCLUDE IN CLASS 3 CLAIMS OF FEDERAL, STATE, AND LOCAL GOVERNMENTS FOR LOSSES INCURRED, "LOSS CLAIMS", AND TO EXCLUDE THOSE CLAIMS FROM CLASS 5; TO AMEND SECTION 38-27-950, RELATING TO PROCEEDINGS INSTITUTED BY THE INSURANCE COMMISSIONER, SO AS TO DELETE THE REFERENCE TO SECTION 38-27-210, ORDERS AND SUPERVISION; AND TO REPEAL SECTION 38-27-210 RELATING TO THE INSURANCE COMMISSIONER'S ORDERS AND SUPERVISION.

(By prior motion of Senator SALEEBY, with unanimous consent)

S. 590 -- Banking and Insurance Committee: A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 38-21-125 SO AS TO PROVIDE FOR ACQUISITIONS OF INSURERS NOT COVERED BY THE INSURANCE HOLDING COMPANY REGULATORY ACT; TO AMEND SECTION 38-21-90, RELATING TO THE INSURANCE COMMISSIONER'S APPROVAL OF AN ACQUISITION OF CONTROL OF AN INSURER, SO AS TO PROVIDE FOR APPLICATION OF THE COMPETITIVE STANDARD; TO AMEND SECTION 38-21-140, RELATING TO THE CONTENT OF INSURANCE REGISTRATION STATEMENTS SO AS TO INCLUDE A PLEDGE OF THE INSURER'S STOCK FOR A LOAN MADE TO A MEMBER OF THE INSURANCE HOLDING COMPANY SYSTEM; AND TO AMEND SECTION 38-21-270, RELATING TO NOTICE AND APPROVAL OF EXTRAORDINARY DIVIDENDS AND DISTRIBUTIONS BY INSURERS, SO AS TO REVISE THE DETERMINATION OF AN EXTRAORDINARY DIVIDEND AND DISTRIBUTION.

(By prior motion of Senator SALEEBY, with unanimous consent)

S. 591 -- Banking and Insurance Committee: A BILL TO AMEND SECTION 38-87-40, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO OUT-OF-STATE CHARTERED RISK RETENTION GROUPS, SO AS TO PROVIDE FOR THE EXAMINATION REGARDING FINANCIAL CONDITION TO BE CONDUCTED IN ACCORDANCE WITH THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS' EXAMINER'S HANDBOOK INSTEAD OF THE STANDARDS AND PROCEDURES APPLICABLE TO EXAMINATIONS OF ADMITTED INSURERS; AND TO AMEND SECTION 38-87-90, RELATING TO THE PURCHASE OF LIABILITY INSURANCE FROM A NONSTATE APPROVED SURPLUS LINES INSURER, SO AS TO PROVIDE THE CONDITIONS UNDER WHICH INSURANCE MAY BE PURCHASED FROM A RISK RETENTION GROUP NOT CHARTERED OR AN INSURER NOT ADMITTED IN THE STATE.

(By prior motion of Senator SALEEBY, with unanimous consent)

S. 592 -- Banking and Insurance Committee: A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTIONS 38-9-200, 38-9-210, AND 38-9-220 SO AS TO PROVIDE REINSURANCE CREDITS AND LIABILITY REDUCTIONS ALLOWED FOR DOMESTIC CEDED INSURERS AND TO DEFINE TERMS; TO AMEND SECTION 38-9-170, RELATING TO UNEARNED PREMIUM RESERVES OF INSURERS, SO AS TO REVISE THE CIRCUMSTANCES UNDER WHICH DEDUCTIONS MAY BE MADE FROM RESERVES; AND TO AMEND SECTION 38-9-190, RELATING TO LOSS AND CLAIM RESERVES OF INSURERS, SO AS TO REVISE THE CIRCUMSTANCES UNDER WHICH CREDIT FOR REINSURANCE IS ALLOWED AS AN ASSET OR A DEDUCTION FROM RESERVES.

(By prior motion of Senator SALEEBY, with unanimous consent)

S. 593 -- Banking and Insurance Committee: A BILL TO AMEND SECTION 38-5-120, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REVOCATION AND SUSPENSION OF INSURANCE CERTIFICATES OF AUTHORITY, SO AS TO PROVIDE STANDARDS FOR DETERMINING HAZARDOUS INSURANCE PROCEEDINGS AND TO AUTHORIZE THE CHIEF INSURANCE COMMISSIONER TO TAKE ACTION WHEN AN INSURER IS IN AN UNSOUND OR A HAZARDOUS CONDITION.

(By prior motion of Senator SALEEBY, with unanimous consent)

S. 594 -- Banking and Insurance Committee: A BILL TO AMEND SECTION 38-11-10, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LEGISLATIVE INTENT PERTAINING TO INVESTMENTS BY INSURERS, SO AS TO ESTABLISH STANDARDS FOR THE DEVELOPMENT AND ADMINISTRATION OF INVESTMENTS; AND SECTION 38-11-50, RELATING TO LIMITATIONS ON THE INVESTMENTS, SO AS TO PROVIDE FOR THE VALUATION OF INVESTMENTS AND PROMULGATION OF RELATED REGULATIONS.

(By prior motion of Senator SALEEBY, with unanimous consent)

S. 595 -- Banking and Insurance Committee: A BILL TO AMEND SECTION 38-55-30, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LIMITATION OF RISK BY INSURERS, SO AS TO APPLY THE LIMITATION TO CAPTIVES AND DEFINE THE TERM.

(By prior motion of Senator SALEEBY, with unanimous consent)

At 11:45 A.M., on motion of Senator WILSON, the Senate adjourned to meet next Tuesday at 12:00 Noon.

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