South Carolina General Assembly
115th Session, 2003-2004

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Bill 3575

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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

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COMMITTEE REPORT

February 19, 2003

H. 3575

Introduced by Rep. Cooper

S. Printed 2/19/03--H.    [SEC 2/20/03 3:14 PM]

Read the first time February 11, 2003.

            

THE COMMITTEE ON

LABOR, COMMERCE AND INDUSTRY

To whom was referred a Bill (H. 3575) to amend the Code of Laws of South Carolina, 1976, by adding Section 27-18-85 so as to provide for treatment of unclaimed property payable or distributable, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass:

HARRY F. CATO for Committee.

            

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 27-18-85 SO AS TO PROVIDE FOR TREATMENT OF UNCLAIMED PROPERTY PAYABLE OR DISTRIBUTABLE IN THE COURSE OF THE DEMUTUALIZATION OF AN INSURANCE COMPANY AS ABANDONED IN FIVE YEARS; AND TO AMEND SECTION 27-18-180, AS AMENDED, RELATING TO REPORTS OF UNCLAIMED PROPERTY, SO AS TO REQUIRE THE FILING OF A REPORT OF UNCLAIMED DEMUTUALIZATION PROCEEDS BEFORE MAY FIRST.

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

SECTION    1.    Chapter 18, Title 27 of the 1976 Code is amended by adding:

"Section 27-18-85.    Unclaimed property payable or distributable in the course of a demutualization of an insurance company is presumed abandoned five years after the earlier of the date:

(1)    of last contact with the policyholder; or

(2)    the property became payable or distributable."

SECTION    2.    Section 27-18-180(D) of the 1976 Code, as last amended by Act 248 of 1996, is further amended to read:

"(D)    The report must be filed before November first of each year as of June thirtieth, next preceding; except that the report of unclaimed demutualization proceeds made pursuant to Section 27-18-85 must be filed before May first of each year as of December thirty-first next preceding. On written request by any person required to file a report, the administrator may postpone the reporting date."

SECTION    3.    This act takes effect upon approval by the Governor.

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