NAIFA-SC Legislative Report 3.26.21
1. Legislative Action
Health Claim Payments – H. 3585. This is a “clean-up” bill that proposes several minor changes to the insurance statutes mainly dealing with property and casualty. However, section 5 of the bill would amend S.C. Code 38-71-34(8) to require health claims to be paid in a time frame consistent with the time frame in our Clean Claim statute. The passed the Senate and was enrolled for ratification to be sent to the Governor for signature.
2. Newly-Introduced Legislation
The following bills were introduced in the House and Senate this week and may be of interest to NAIFA-SC. You may view the bill by clicking on the hyperlinked bill number.
S.689 & H. 4106 – THIS JOINT RESOLUTION WOULD EXTEND STATE INCOME TAX FILING DUE DATE FOR INDIVIDUALS UNTIL THE SAME DATE AS FEDERAL RETURNS AND PAYMENTS FOR INDIVIDUALS ARE DUE.
S.688 – THIS BILL PROVIDES THAT AN INSURER ISSUING ACCIDENT OR HEALTH POLICIES MUST PROVIDE A DISCOUNT TO A POLICY HOLDER WHO HAS AND MAINTAINS A DECLARATION PURSUANT TO THE DEATH WITH DIGNITY ACT.
For any questions about this report, please contact James Knox at jknox@turnerpadget.com or 803-277-4320.
NAIFA-SC LEGISLATIVE REPORT 3.12.21
1. Legislative Action
Financial Exploitation – S. 425. This bill would address issues of financial exploitation of vulnerable adults. Under this bill, financial institutions, such as wealth management institutions and financial services corporations, would be authorized to delay financial requests and transactions if there is suspicion of exploitation and would be required to report the suspicion to the Attorney General.
There was much debate over a proposed amendment that would provide civil liability to financial institutions who facilitate or participate in a transaction that results in fraud or financial exploitation. There was concern that this amendment would expose financial institutions to liability when they unknowingly facilitate such transactions. Senate Bill 425 received a favorable report by the Senate Family & Veterans’ Services Committee. However, the Senate will be considering the civil liability amendment once again on the Senate floor. It appears they will be tightening the language of the amendment to ensure that a financial institution would only be liable if it had knowledge or notice of the fraud or exploitation when it facilitated in the transaction.
2. Newly-Introduced Legislation
