H 4817: Insurance Rate Reduction and Policy Holder Protection Act

Summary

Amend The South Carolina Code Of Laws So As To Enact The "insurance Rate Reduction And Policyholder Protection Act;" By Amending Section 38-3-110, Relating To Duties Of The Director Of The Department Of Insurance, So As To Expand Those Duties; By Adding Section 38-55-172 So As To Prohibit Residential Builders And Registered Residential Specialty Contractors From Certain Actions Made On Behalf Of Owners Or Possessors Of Residential Real Estate On Insurance Claims In Connection With Roofing System Repairs Or Replacements To Prohibit Residential Builders And Registered Residential Specialty Contractors From Advertising Or Promising To Pay Or Rebate An Insurance Deductible As An Inducement To The Sale Of Goods Or Services, To Provide Penalties For Violations, To Provide The Insurance Fraud Division Of The Department Of Insurance May Investigate Claims Of Fraudulent Activity Relating To The Performance Of Goods Or Services For A Roofing System Pursuant To A Written Contract And Refer Certain Findings To The Department Of Labor, Licensing And Regulation; By Amending Section 38-55-520, Relating To The Purpose Of The Article, So As To Make A Technical Change; By Amending Section 38-55-530, Relating To Definitions, So As To Amend The Definitions Of "authorized Agency" And "false Statement Or Misrepresentations"; By Amending Section 38-55-550, Relating To Civil Penalties, So As To Prescribe Duties Of The Director Of The Department Of Insurance; By Amending Section 38-55-560, Relating To The Insurance Fraud Division, So As To Establish The Insurance Fraud Division In The Department Of Insurance And To Provide The Duties For The Division, The Attorney General, And The State Law Enforcement Division; By Amending Section 38-55-570, Relating To Notification Of False Statements Or Misrepresentations And Ability To Share Information, So As To Require The Insurance Fraud Division To Prosecute Criminal Violations Of Title 38 And Any Other Crimes Related To Insurance, As Well As Divis…

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Apr 2, 2026

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