REGULATORY ACTIVITY:

• Bulletin Number 2018-13; To: All Insurers Transacting Private Passenger Automobile Insurance Business in South Carolina; From:  Raymond G. Farmer; Director of Insurance; Re:  FYI 9’s Uninsured Motorist Distribution (2017’s Marker Share); Date:  December 18, 2018: South Carolina law provides that South Carolina drivers seeking to drive uninsured must pay annually a fee of Five Hundred Fifty dollars ($550) for the privilege of operating an uninsured vehicle on South Carolina highways or a Three Hundred Dollar ($300) reinstatement fee.   See, e.g., S.C.  Code Ann.  56-10-510 (Supp.  2015).    These fees are deposited into the Uninsured Motorist Fund ("Fund”) to be disbursed   in accordance with§§ 38-77-151 through 38-77-155. Section 3 8-77-155 states that the Director of Insurance shall distribute monies annually from the Fund among the several insurers writing motor vehicle bodily injury and property damage liability insurance on motor vehicles registered in this state. Your company   may receive a check representing its portion of the uninsured motorist distribution based upon its 2017 market   share.    This amount was calculated pursuant   to the requirements of §38-77-155.   The purpose of the Fund is to reduce the cost of uninsured motorist insurance coverage.   Therefore, the method used to account for these funds must be consistent with the purpose set forth in § 3 8- 77-154.   Accounting for these funds as other income should be done in accordance with NAIC statutory guidance. Please do not hesitate to contact Mia Mills, Accountant/Fiscal Analyst III, at (803) 737-6111 or via E-mail at mmills@doi.sc.gov if you have any questions  or concerns  about the amount of this year's distribution.  To view the bulletin, go tohttp://doi.sc.gov/civicalerts.aspx?AID=184.

REGULATORY ACTIVITY:

• Published bulletin number 2018-10 regarding notice of unusual circumstances/catastrophe insurance declaration for South Carolina due to Hurricane Florence for the purposes of licensing temporary adjusters and motor vehicle physical damage appraisers.  To view the bulletin, go to http://doi.sc.gov/civicalerts.aspx?AID=170.

REGULATORY ACTIVITY:

• Has re-published bulletin 2017-03 reminding auto insurers writing automobile business of new laws becoming effective in 2018.  The purpose of this Bulletin is to notify insurers writing automobile insurance policies of the recent enactment of Act No. 89, which includes amendments that are applicable to automobile insurance coverage issued or renewed on or after November 19, 2018.  To view the bulletin, go to http://doi.sc.gov/civicalerts.aspx?AID=112.