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Indicates Matter Stricken
Indicates New Matter
Indicates Matter Stricken
Indicates New Matter
COMMITTEE AMENDMENT ADOPTED
January 29, 2008
S. 858
Introduced by Senators McConnell, Rankin, O'Dell, Elliott and McGill
S. Printed 1/29/08--S.
Read the first time January 8, 2008.
TO AMEND SECTION 38-73-1095, CODE OF LAWS OF SOUTH CAROLINA, 1976, AS AMENDED, RELATING TO ESSENTIAL PROPERTY INSURANCE AND RATING PLAN FACTORS, SO AS TO PROVIDE CREDITS AND DISCOUNTS OR SURCHARGES AND DEBITS CALCULATED ON CERTAIN RATING FACTORS FOR RETROFITTING PROPERTY IN ALL AREAS OF THE STATE IN ADDITION TO PROVIDING CREDITS AND DISCOUNTS OR SURCHARGES AND DEBITS CALCULATED ON CERTAIN RATING FACTORS FOR RETROFITTING PROPERTY IN THE COASTAL AREA OR SEACOAST AREA.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 38-73-1095(C), as last amended by Act 78 of 2007, is further amended to read:
"(C) Rating plans for essential property insurance in the coastal area or in the seacoast area, shall include discounts and credits or surcharges and debits calculated upon the following rating factors:
(1) use of storm shutters;
(2) use of roof tie downs;
(3) construction standards;
(4) building codes;
(5) distance from water;
(6) elevation;
(7) flood insurance;
(8) policy deductibles; and
(9) other applicable factors requested by the insurer or rating organization or selected by order of the director involving the risk or hazard. An order issued pursuant to this section must comply with the requirements of Section 1-23-140.
The department may by regulation define how the implementation of these factors qualify for credits or discounts. The regulation must specify what evidence or proof the policyholder or applicant shall present to obtain the credit or discount. This section applies to policies issued or renewed in the coastal area or in the seacoast area after December 31, 2007, and this section applies to policies issued and renewed in all other areas of the State after October 31, 2008."
SECTION 2. This act takes effect upon approval by the Governor.
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