Beginning on January 1, 2021, an additional one percent surcharge on the premium must be assessed on association policyholders. The premium surcharge must increase by one additional percentage point annually until it reaches ten percent and does not sunset. Surcharges levied under this section are not premium and therefore not subject to premium taxes, fees, or commissions. Surcharges may not be considered when evaluating whether rates are excessive, adequate, or unfairly discriminatory.
HISTORY: 1987 Act No. 155, Section 1; 1989 Act No. 129, Section 1; 1993 Act No. 181, Section 830; 2019 Act No. 67 (H.3760), Section 1, eff May 16, 2019.
Effect of Amendment
2019 Act No. 67, Section 1, rewrote the section.
Structure South Carolina Code of Laws
Chapter 79 - Medical Malpractice Insurance
Section 38-79-110. Definitions.
Section 38-79-130. Powers of association; policy limits.
Section 38-79-140. Plan of operation.
Section 38-79-150. Application for coverage.
Section 38-79-200. Rate increase or assessment authorized.
Section 38-79-210. Deficits to be recouped.
Section 38-79-220. Elimination of accumulated deficit; uniform assessment; surcharges.
Section 38-79-230. Additional surcharge on premium; annual increase.
Section 38-79-240. Plans to be binding on members of association.
Section 38-79-250. Obligations of terminated members; responsibility of State.
Section 38-79-260. Board of directors.
Section 38-79-280. Annual statement required.
Section 38-79-290. Examination of association; audit in lieu of examination.