Insurance Rate Reduction and Policy Holder Protection Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill, the Insurance Rate Reduction and Policy Holder Protection Act, aims to combat insurance fraud and protect South Carolina consumers. It expands the duties of the Department of Insurance’s Insurance Fraud Division, prohibits deceptive practices by residential builders and contractors regarding roofing claims, and introduces measures to address unaffordable insurance rates, particularly in coastal areas. The bill also includes provisions for disaster mitigation grants and tax credits for hurricane-resistant home improvements.
Key provisions
- Expands the Insurance Fraud Division's authority to investigate and prosecute insurance fraud.
- Prohibits residential builders and contractors from offering inducements to purchase insurance related to roofing repairs or replacements.
- Modifies automobile insurance policies to prohibit discrimination based on factors like age, location, or claims history.
- Establishes the ‘SC Safe Home Program’ and outlines requirements for hurricane mitigation.
- Increases tax credits for hurricane-resistant home retrofits to $2,000.
- Creates a ‘Disaster Preparedness Sales Tax Holiday’.
- Requires insurers to offer a zero-dollar deductible for automobile safety glass repairs.
- Includes mitigation of property losses due to wildfire among the advisory committee’s considerations.
Who is affected
- Insurance consumers in South Carolina
Bill text
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