Bill Text: SC H5023 | 2013-2014 | 120th General Assembly | Introduced

South Carolina House Bill 5023 (Prior Session Legislation)

Introduced

Bill Title: Captive insurance companies

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2014-04-01 - Referred to Committee on Labor, Commerce and Industry [H5023 Detail]

Download: South_Carolina-2013-H5023-Introduced.html

A BILL

TO AMEND SECTION 38-90-160, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO EXEMPTIONS FROM REQUIREMENTS OF CAPTIVE INSURANCE COMPANIES, SO AS TO EXEMPT INSURANCE POLICIES ISSUED TO INDUSTRIAL INSUREDS AND REINSURANCE AGREEMENTS CEDED OR ASSUMED BY CAPTIVE INSURANCE COMPANIES FROM A SPECIFIC APPLICATION OF THE SOUTH CAROLINA UNIFORM ARBITRATION ACT, SUBJECT TO CERTAIN EXCEPTIONS.

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

SECTION 1. Section 38-90-160 of the 1976 Code, as last amended by Act 18 of 2013, is further amended by adding a subsection at the end to read:

"(F) The provisions of Section 15-48-10(b)(4) of the South Carolina Uniform Arbitration Act must not apply to an insurance policy issued to an industrial insured, as defined in Section 38-25-150(8), or a reinsurance agreement ceded to or assumed by a captive insurance company licensed under the provisions of this chapter. The provisions of this subsection do not apply to a service or warranty policy, a medical or professional liability policy, or an insurance policy issued by a risk retention group."

SECTION 2. This act takes effect upon approval by the Governor.