summary
Introduced
02/08/2023
02/08/2023
In Committee
03/02/2023
03/02/2023
Crossed Over
03/01/2023
03/01/2023
Passed
05/16/2023
05/16/2023
Dead
Signed/Enacted/Adopted
05/25/2023
05/25/2023
Introduced Session
125th General Assembly
Bill Summary
A bill TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 38-75-485, RELATING TO THE SOUTH CAROLINA HURRICANE DAMAGE MITIGATION PROGRAM, SO AS TO ESTABLISH GRANT CRITERIA, THAT MATCHING GRANT FUNDS MAY BE AVAILABLE TO LOCAL GOVERNMENTS, AND A NONMATCHING GRANT FORMULA; BY AMENDING SECTION 38-3-110, RELATING TO DUTIES OF DIRECTOR OF THE DEPARTMENT OF INSURANCE, SO AS TO ALLOW THE DIRECTOR TO PROVIDE INFORMATION REGARDING FACTORS THAT MAY AFFECT PREMIUM RATES; BY AMENDING SECTION 38-61-80, RELATING TO WITHDRAWING FROM THE MARKET, SO AS TO require notice to the director by the insurer; AND BY AMENDING SECTION 38-73-1085, RELATING TO THE PUBLICATION OF REPRESENTATIVE SAMPLE PREMIUMS, SO AS TO ALLOW THE DIRECTOR OR HIS DESIGNEE TO MAKE AVAILABLE INFORMATION that affects PRIVATE PASSENGER PREMIUM RATES.
AI Summary
This bill makes several amendments to the South Carolina Code of Laws related to the Department of Insurance. The key provisions are:
1. It establishes grant criteria, allows matching grant funds to be available to local governments, and creates a nonmatching grant formula for the South Carolina Hurricane Damage Mitigation Program.
2. It allows the Director of the Department of Insurance to provide information regarding factors that may affect premium rates.
3. It requires insurers to notify the Director before withdrawing from the market in the state.
4. It allows the Director or their designee to make available information that affects private passenger premium rates.
The bill aims to strengthen hurricane damage mitigation efforts, increase transparency around insurance premium factors, and improve the regulation of insurers withdrawing from the South Carolina market.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
Act No. 29 (on 05/25/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.scstatehouse.gov/billsearch.php?billnumbers=0500&session=125&summary=B |
| BillText | https://www.scstatehouse.gov/sess125_2023-2024/prever/500_20230504.htm |
| BillText | https://www.scstatehouse.gov/sess125_2023-2024/prever/500_20230228.htm |
| BillText | https://www.scstatehouse.gov/sess125_2023-2024/prever/500_20230227.htm |
| BillText | https://www.scstatehouse.gov/sess125_2023-2024/prever/500_20230222.htm |
| Fiscal Note - S0500 2023-02-08 Introduced | https://www.scstatehouse.gov/sess125_2023-2024/fiscalimpactstatements/S0500%202023-02-08%20introduced.pdf |
| BillText | https://www.scstatehouse.gov//sess125_2023-2024/prever/500_20230208.htm |
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