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.
S.C. Code Ann. § 38-79-230
Additional surcharge on premium; annual increase
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.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.