Section effective January 1, 2026. (A) Due to the mandatory requirement for commercial casualty coverage contained in Section 61-2-145, the availability of affordable commercial casualty coverage, including liquor liability coverage, is found to be essential to South Carolina's hospitality industry and by South Carolina citizens. (B) By January thirty-first of each year, the director must prepare and submit a report to the President of the Senate, the Speaker of the House of Representatives, the Chairman of the Senate Banking and Insurance Committee, the Chairman of the House Labor, Commerce and Industry Committee, the Chairman of the Senate Judiciary Committee, and the Chairman of the House Judiciary Committee regarding the status of commercial general liability and liquor liability markets, including the insurance industry's participation and profitability in the commercial general liability and the liquor liability sub-line of that market. The report shall be posted in an electronic format on the department's website within five days of its submission. The report shall include, but not be limited to, the following: (1) the number of policies written in South Carolina that provide coverage by insurers for liquor liability in South Carolina, whether as a stand-alone product or as another commercial liability insurance product; (2) the volume of earned premiums associated with the coverage provided by the insurers for liquor liability in South Carolina and written in South Carolina; (3) the number of claims closed with payments and the volume of those payments associated with liquor liability coverage written in South Carolina; (4) the number of claims open and the volume of actual reserves on those claims associated with liquor liability coverage written in South Carolina; (5) the volume of reserves for incurred but not reported claims associated with liquor liability coverage; (6) the sum of subrogation and salvage associated with liquor liability coverage written in South Carolina; (7) the volume of combined losses as a percentage of premiums associated with liquor liability coverage written in South Carolina and the methodology of its determination; (8) the amount of profit as a percentage of premiums associated with liquor liability coverage written in South Carolina and the methodology of its determination; (9) the number of insurers participating in commercial general liability market and the liquor liability sub-line of that market; (10) the director's conclusions as to the availability of commercial general liability and liquor liability coverage and the trends in changes in the rates for that coverage; and (11) the director's recommendations to continue to improve the availability of insurance coverage as mandated in Section 61-2-145 and the rates associated with that coverage. Editor's Note 2025 Act No. 42, SECTION 11, provides as follows: "SECTION 11. This act takes effect January 1, 2026, and applies only to causes of action or claims arising or accruing after January 1, 2026, and applies to all policies issued after that date, other than Section 61-4-523 which takes effect upon approval by the Governor." State Rating and Statistical Division
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