South Carolina Senate Bill 981 (Prior Session Legislation)

---

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 12 2022 - 25% progression, died in committee
Action: 2022-01-12 - Referred to Committee on Banking and Insurance
Pending: Senate Banking and Insurance Committee
Text: Latest bill text (Introduced) [HTML]

Amend The Code Of Laws Of South Carolina, 1976, By Adding Section 38-69-247 So As To Establish Minimum Nonforfeiture Amounts For Contracts Issued After June 30, 2022; By Adding Section 38-72-78 So As To Require Long Term Care Insurers To Provide Notice Of Proposed Premium Rate Increases To Policyholders; To Amend Section 38-9-180, Relating To Standard Valuation Law, So As To Remove A Requirement; To Amend Section 38-9-210, As Amended, Relating To The Reduction From Liability For Reinsurance, So As To Correct The Name Of The Appropriate Office Of The National Association Of Insurance Commissioners; To Amend Section 38-13-80, Relating To The Annual Statement As To Business Standing And Financial Condition, So As To Provide The Time And Manner That The Statement Of Business Standing And Financial Condition Must Be Filed; To Amend Section 38-13-85, Relating To The Filing Of Annual Statements, So As To Provide The Time And Manner That The Annual Statements Are Filed; To Amend Section 38-57-150, As Amended, Relating To Prohibited Inducements, So As To Allow An Employee, Affiliate, Or Third Party Of An Insurer To Offer An Insured Services Relating To The Loss Control Of The Covered Risk; To Amend Section 38-73-240, Relating To Rate Filings, So As To Clarify Where An Insurer May File A Multiplier; To Amend Section 38-73-910, As Amended, Relating To The Application Of The Section, So As To Establish That Rate, Rule, And Form Filings Submitted By A Rating Organization Are Subject To Prior Approval Of The Department Of Insurance; To Amend Section 38-79-200, As Amended, Relating To Rate Increase Or Assessment Authorization, So As To Include A Reference; To Amend Sections 38-101-20, 38-101-30, 38-101-40, And 38-101-110, All Relating To The Issuance Of Flood Insurance Policies, All So As To Require A Peril Of Flood To Be Named; To Amend Section 38-101-120, Relating To The Written Notice Of Cancellation Or Nonrenewal, So As To Clarify The Required Notice Period; And To Repeal Chapter 95 Of Title 38 Relating To The Interstate Insurance Product Regulation Compact.

Insurance Procedures

Sen. Ronnie Cromer [R]

Date	Chamber	Action
2022-01-12	Senate	Referred to Committee on Banking and Insurance
2022-01-12	Senate	Introduced and read first time

H4832 (Similar To) 2022-05-31 - Act No. 195

Chapter	Article	Section	Citation Type	Statute Text
38	101	110	(n/a)	See Bill Text
38	101	120	(n/a)	See Bill Text
38	101	20	(n/a)	See Bill Text
38	101	30	(n/a)	See Bill Text
38	101	40	(n/a)	See Bill Text
38	13	80	(n/a)	See Bill Text
38	13	85	(n/a)	See Bill Text
38	57	150	(n/a)	See Bill Text
38	69	247	(n/a)	See Bill Text
38	72	78	(n/a)	See Bill Text
38	73	240	(n/a)	See Bill Text
38	73	910	(n/a)	See Bill Text
38	79	200	(n/a)	See Bill Text
38	9	180	(n/a)	See Bill Text
38	9	210	(n/a)	See Bill Text

Type	Source
Summary	https://www.scstatehouse.gov/billsearch.php?billnumbers=0981&session=124&summary=B
Text	https://www.scstatehouse.gov/sess124_2021-2022/prever/981_20220112.htm
Supplement	https://www.scstatehouse.gov/sess124_2021-2022/fiscalimpactstatements/S0981%202022-01-12%20introduced.pdf