Bulletin 2002-09 Act 228 of 2002-Change in Required Surplus Lines Policy Disclaimer Language

South Carolina Department of Insurance 300 Arbor Lake Drive, Suite 1200 Columbia, South Carolina 29223 _________________________ Mailing Address: P.O. Box 100105, Columbia, S.C. 29202-3105 Telephone: (803) 737-6160 JIM HODGES Governor ERNST N CSISZAR Director of Insurance BULLETIN NUMBER 2002-09 (Issued upon August 15, 2002) TO: All Approved Eligible Surplus Lines Insurers and All South Carolina Licensed Insurance Brokers (Resident and Non-Resident) FROM: Ernst N. Csiszar Director SUBJECT: Act 228 of 2002-Change in Required Surplus Lines Policy Disclaimer Language On May 1, 2002, Act 228 was signed into law. A section of this legislation changed the disclaimer language required on all surplus lines policies pursuant to South Carolina Code Section 38-45-110. The new language for the required disclaimer has been highlighted in bold below. This change is effective as of May 1, 2002. Pursuant to Act 228 of 2002, Section 38-45-110 of the 1976 Code has been amended to read: The broker shall write or stamp upon the face of each policy and application of an eligible surplus lines insurer the words: "This company has been approved by the director or his designee of the South Carolina Department of Insurance to write business in this State as an eligible surplus lines insurer, but it is not afforded guaranty fund protection." The Department contact for this Bulletin is: Melanie A. Joseph Executive Assistant to the Director/ Legislative Liaison South Carolina Department of Insurance Post Office Box 100105 Columbia, South Carolina 29202 e-mail: mjoseph@doi.state.sc.us phone: 803-737-6212 fax: 803-737-6229