Legislative eNews-AUGUST 3, 2007
FEDERAL US Congress Moves to Alter the National Flood Insurance Program The House Committee on Financial Services passed an amended version of H.R. 3121, the Flood Insurance Reform and Modernization Act of 2007, on July 27 by a vote of 38-29. The bill makes a number of significant changes to the National Flood Insurance Program (NFIP), including:
Legislature Appoints New State Treasurer The State Legislature was called back into special session today, Friday, August 3, to fill the State Treasurer seat vacated by Arthur Ravenel who resigned last week because of illegal drug charges. Candidates for the position include Rep. Converse Chellis, R-Dorchester;Sen. Greg Ryberg, R-Aiken; and Charleston County Council Chairman Tim Scott, also a Republican. Rep. Converse Chellis seems to be the frontrunner. The outcome will determine the composition of the State Budget and Control Board, a five-member panel that oversees all state spending. Thus, it is an important decision with significant impact on the executive and legislative balance of power in the state. The duties of the State Treasurer include serving as a voting member of the State Budget and Control Board, directing the investments of the state's money and managing a portion of the state retirement system's portfolio; overseeing the state's banking services and paying the state's bills and issuing its debts, operating as the trustee for unclaimed property, and monitoring the state's credit rating. |
STATE Important Changes to the State Wind Pool Scott H. Richardson, Director of the South Carolina Department of Insurance has approved changes effective July 19, 2007, to the rating plan and plan of operation for the South Carolina Wind and Hail Underwriting Association. Though loss data initially indicated an overall increase in the rates in excess of 65 percent improvements in the plan of operation and updates to the underwriting rules by the Wind Pool Board and approved by the department, reduced its rate request to an overall 35 percent . Not every consumer will receive a 35 percent increase in rates. Choosing higher education deductibles should result in a significant reduction in property insurance premiums. Rates will be reviewed every six months as required by the Omnibus Coastal Property Insurance Relief Act of 2007 which passed in the 2007 legislative session. Since its inception in the early 1970s, there have been no significant changes to the Wind Pool's operation other than occasional rate changes. During the last several years, dramatic increases in coastal exposures and changes in the availability of essential property coverage required a comprehensive review of the role the Wind Pool in the South Carolina property insurance marketplace. These changes follow expansions to the Wind Pool territory in March and June of this year, which addressed issues related to the lack of available property insurance coverage. This resulted in a "two-tiered" rating plan to ensure that the rates charged for coverage reflected the risk of the property. The plan of operation was also changed for coverage reflected the risk of the property. In addition, the plan of operation was changed to increase minimum deductibles to better reflect the realities of the market. Underwriting standards were also revised. Among the significant changes are:
The new rates also introduce price differences among the counties covered by the wind pool. Areas covered by the wind pool in Colleton and Charleston counties will face the highest rates, followed by Georgetown and Horry counties. Beaufort County will have the lowest rates among counties covered by the wind pool according to the underwriting manager for the Wind Pool. For questions concerning the information listed above, please contact the Public Information Officer for the South Carolina Department of Insurance at 803-737-6207. |
LOCAL Town of Bluffton Wendy Powers has been promoted to the position of Assistant Town Manager. Wendy has been with the Town of Bluffton since December 2005, and has been deeply involved with the development of many of the important town planning changes recently approved by the Bluffton Town Council. On Tuesday, the Town of Bluffton heard from citizens on its proposed comprehensive plan. The plan will guide the growth and development of the town in the next five years. The plan, which is mandated by the state for every municipality, has taken eight years to complete. A final draft will be presented to the town council on August 7 for review before an August 21 vote. You can view the plan on www.townofbluffton.com. |
Save the Date....... Workers Comp Educational Seminar Tuesday, August 21, 2007 Hilton Garden Inn- Bluffton 1575 Fording Island Road 10:00am - 12:00pm After years of hard work by the business community and its allies, the General Assembly passed legislative that significantly reforms the state's archaic workers' compensation system. Governor Sanford, signed the bill into law on June 25,2007. The reform legislation represents an extremely positive step forward for the business community and will implement many changes that businesses must know and understand. This is an educational seminar to address the many changes that will affect area employers and YOUR bottom line. Space is limited, RSVP to Brenda Ciapanna at bciapanna@hiltonheadisland.org. |
State of the Region
Registration - 8:15 am Program/Breakfast 9:00am-11:30am Chamber Members $25.00
Non-Members $35.00 Corporate Tables of 10 $250.00 RSVP On line at http://www.hiltonheadchamber.com Or email chavens@hiltonheadisland.org Or call Cathy Havens 341-8369 |
