Current Status Introducing Body:House Bill Number:4382 Primary Sponsor:J. Bailey Committee Number:02 Type of Legislation:GB Subject:Motor vehicle, reinsurance facility, safe driver Residing Body:Senate Current Committee:Banking and Insurance Computer Document Number:BBM/10777JM.94 Introduced Date:19940111 Last History Body:Senate Last History Date:19940324 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:J. Bailey Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved ____ ______ ____________ ______________________________ ___ ____________ 4382 Senate 19940324 Introduced, read first time, 02 referred to Committee 4382 House 19940323 Read third time, sent to Senate 4382 House 19940322 Read second time 4382 House 19940222 Debate adjourned until Tuesday, March 15, 1994 4382 House 19940209 Committee Report: Favorable 26 4382 House 19940111 Introduced, read first time, 26 referred to Committee 4382 House 19931215 Prefiled, referred to 26 CommitteeView additional legislative information at the LPITS web site.
Indicates Matter Stricken
Indicates New Matter
COMMITTEE REPORT
February 9, 1994
H. 4382
S. Printed 2/9/94--H.
Read the first time January 11, 1994.
To whom was referred a Bill (H. 4382), to amend Section 38-73-1425, Code of Laws of South Carolina, 1976, relating to the final rate or premium charge for private passenger automobile insurance risk, etc., respectfully
That they have duly and carefully considered the same, and recommend that the same do pass:
THOMAS C. ALEXANDER, for Committee.
TO AMEND SECTION 38-73-1425, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE FINAL RATE OR PREMIUM CHARGE FOR PRIVATE PASSENGER AUTOMOBILE INSURANCE RISK CEDED TO THE SOUTH CAROLINA REINSURANCE FACILITY, SO AS TO, AMONG OTHER THINGS, DELETE CERTAIN LANGUAGE CONCERNING THE SAFE DRIVER DISCOUNT AND PROVIDE THAT THE ESTABLISHING OF A RATE FOR ALL BUSINESS CEDED TO THE FACILITY MUST BE PHASED IN OVER A TWO-YEAR PERIOD IN A PARTICULAR MANNER.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 38-73-1425 of the 1976 Code, as added by Act 113 of 1991, is amended to read:
"Section 38-73-1425. The final rate or premium charge for a private passenger automobile insurance risk ceded to the facility which does not qualify for the safe driver discount in Section 38-73-760(e) is the final rate or premium charge required by Section 38-73-1420 or the final rate or premium charge approved for use by the insurer, whichever is greater. so that the facility may not be unreasonably utilized by automobile insurers ceding business pursuant to Section 38-77-950.
The establishing of a rate for all business ceded to the facility must be phased in over a two-year period so that not less than fifty percent of the current differential of the company-filed rate and the current facility rate must be added on renewals or new business effective on or after October 1, 1994, and the remaining fifty percent differential between the company-filed rate and the facility rate must be added on renewals or new business effective on or after October 1, 1995."
SECTION 2. This act takes effect upon approval by the Governor.