Beginning on March 1, 2003 and continuing thereafter, the director may promulgate reasonable standards for the assignment of risks to insurance carriers and servicing carriers, and an assigned risk plan, hereinafter referred to as the Associated Auto Insurers Plan, must be established by March 1, 2003. More than one assigned risk plan may be established. The director may make reasonable regulations for the assignment of risks to insurance carriers. He shall establish rate classifications, rating schedules, rates, and regulations to be used by insurance carriers issuing assigned risk, policies of motor vehicle liability, physical damage, and underinsured and uninsured motorist insurance in accordance with this chapter as appear to it to be proper in the establishment of rate classifications, rating schedules, rates, and regulations, it shall be guided by the principles and practices which have been established under its statutory authority to regulate motor vehicle liability, physical damage, and medical payments insurance rates, and it may act in conformity with its statutory discretionary authority in such matters.
The servicing carriers for the Associated Auto Insurers Plan may be competitively bid as provided for in this section. If the Associated Auto Insurers Plan is competitively bid, then the director or his designee shall appoint a committee or committees of individuals as he considers qualified to establish standards and procedures for the consideration and evaluation of bids. Insurers or other vendors, in conjunction with a licensed automobile insurer, may submit bids. The committee or committees shall evaluate and award contracts pursuant to the bidding process established by the committee or committees, subject to the final approval of the director or his designee. The director may require a bid fee to cover the expenses of implementing this section.
The plan for the Associated Auto Insurers Plan must contain a provision for which licensed agents and/or brokers may be certified such as to bind insurance policies. The manager of the plan shall establish and maintain an electronic means to bind policies immediately. The electronic effective date procedure shall be available only to producers of record who are certified by the plan.
HISTORY: 1997 Act No. 154, Section 21(A).
Structure South Carolina Code of Laws
Chapter 77 - Automobile Insurance
Section 38-77-10. Declaration of purpose.
Section 38-77-20. Construction.
Section 38-77-30. Definitions.
Section 38-77-113. Conditions for waiver of license reinstatement fee.
Section 38-77-120. Requirements for notice of cancellation of or refusal to renew policy.
Section 38-77-126. Disclosure where rate level higher than lowest tier for that insurer or group.
Section 38-77-127. Insurer may issue verification of coverage electronically.
Section 38-77-130. Group automobile insurance; rate.
Section 38-77-140. Bodily injury and property damage limits; general requirements.
Section 38-77-143. Maintenance, selling, etc. policies and contracts to be primary.
Section 38-77-144. Personal injury protection (PIP) coverage not mandated.
Section 38-77-151. Collected funds to be placed in Uninsured Motorists Fund; use of funds.
Section 38-77-155. Distribution of funds; obtaining premium information.
Section 38-77-160. Additional uninsured motorist coverage; underinsured motorist coverage.
Section 38-77-161. Uninsured or underinsured coverage not required in excess or umbrella policy.
Section 38-77-220. Additional liability which automobile insurance policy need not cover.
Section 38-77-260. General release, assignment of claims, and like documents.
Section 38-77-270. Christian Science or any licensed healing art care and treatment.
Section 38-77-280. Collision coverage; comprehensive coverage.
Section 38-77-320. Enforcement of article; promulgation of regulations.
Section 38-77-340. Agreement to exclude designated natural person from coverage.
Section 38-77-341. Unfair trade practices.
Section 38-77-350. Form to be used when optional coverages are offered.
Section 38-77-370. Obligations of insurance-support organizations; access to personal information.
Section 38-77-395. Absence of liability or cause of action in certain situations; exceptions.
Section 38-77-400. Underwriting restrictions provided upon request of director.
Section 38-77-720. Number, qualifications, and compensation of arbitrators; fee paid by claimant.
Section 38-77-750. Enforcement of subpoenas; warrant to produce witnesses; certification of records.
Section 38-77-760. Decision of arbitrators.
Section 38-77-770. Right to appeal decision; procedures.
Section 38-77-830. Assigned Risk Pool.
Section 38-77-840. Powers of director.
Section 38-77-841. Information to be supplied by Associated Auto Insurers Plan producers.
Section 38-77-845. Review of applications.
Section 38-77-850. Confidentiality of information filed with director.
Section 38-77-860. Disclosure of reasons for director's decisions not required; liability.
Section 38-77-1110. Short title.
Section 38-77-1120. Definitions.
Section 38-77-1150. Prohibitions relative to disclosure or nondisclosure of information.