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Current Status Bill Number:View additional legislative information at the LPITS web site.4852 Ratification Number:387 Act Number:300 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20020305 Primary Sponsor:Cato All Sponsors:Cato Drafted Document Number:l:\council\bills\skb\18258zcw02.doc Date Bill Passed both Bodies:20020522 Date of Last Amendment:20020411 Governor's Action:S Date of Governor's Action:20020603 Subject:Insurance, requiring insurers to file rates; to expand meaning of "exempt commercial policies"; to exempt commercial policies from this requirement History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 20020617 Act No. A300 ------ 20020603 Signed by Governor ------ 20020528 Ratified R387 Senate 20020522 Read third time, enrolled for ratification Senate 20020509 Read second time, notice of general amendments Senate 20020508 Committee report: Favorable 02 SBI ------ 20020506 Scrivener's error corrected Senate 20020416 Introduced, read first time, 02 SBI referred to Committee House 20020412 Read third time, sent to Senate House 20020411 Amended, read second time, unanimous consent for third reading on Friday, 20020412 House 20020410 Committee report: Favorable with 26 HLCI amendment House 20020305 Introduced, read first time, 26 HLCI referred to Committee Versions of This Bill Revised on April 10, 2002 - Word format Revised on April 11, 2002 - Word format Revised on May 6, 2002 - Word format Revised on May 8, 2002 - Word format
(A300, R387, H4852)
AN ACT TO AMEND SECTION 38-1-20, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS USED WITH RESPECT TO INSURANCE IN TITLE 38, SO AS TO EXPAND THE MEANING OF "EXEMPT COMMERCIAL POLICIES"; TO AMEND SECTIONS 38-73-340 AND 38-73-520, BOTH RELATING TO REQUIRING INSURERS TO FILE RATES AND RATING SCHEDULES AND PLANS, SO AS TO EXEMPT COMMERCIAL POLICIES FROM THIS REQUIREMENT.
Be it enacted by the General Assembly of the State of South Carolina:
Definition
SECTION 1. Section 38-1-20 (40) of the 1976 Code is amended to read:
"(40) 'Exempt commercial policies' means policies for commercial insureds as may be provided for in regulation issued by the director. Exempt commercial policies include all property and casualty coverages except for insurance related to credit transactions written through financial institutions."
Rate filings required
SECTION 2. Section 38-73-340 of the 1976 Code is amended to read:
"Section 38-73-340. Every insurer shall file with the department, except as to inland marine risks which by general custom of the business are not written according to manual rates or rating plans and except as to exempt commercial policies, every manual, minimum, or class rate, rating schedule or rating plan, and every other rating rule and every modification of any of these which it proposes to use. The filing exemption shall not apply to loss cost filings by advisory or rating organizations. Every filing shall state the proposed effective date and shall indicate the character and extent of coverage contemplated. Specific inland marine rates on risks specially rated, made by a rating organization, must be filed with the department."
Rate filings required
SECTION 3. Section 38-73-520 of the 1976 Code is amended to read:
"Section 38-73-520. Every insurer shall file with the department, except as to exempt commercial policies, every manual of classifications, rules, and rates, every rating plan, and every modification of any of these which it proposes to use. The filing exemption shall not apply to loss cost filings by advisory or rating organizations. Every filing shall state the proposed effective date and shall indicate the character and extent of the coverage contemplated."
Time effective
SECTION 4. This act takes effect January 1, 2003.
Ratified the 28th day of May, 2002.
Approved the 3rd day of June, 2002.
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