A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 38-77-140, RELATING TO BODILY INJURY AND PROPERTY DAMAGE LIMITS, SO AS TO REQUIRE ONE HUNDRED FIFTY THOUSAND DOLLAR LIMITS FOR BODILY INJURY RESULTING IN DEATH.
Impact
The implications of this legislative change are significant. By increasing the required coverage limits, HB 3267 aims to provide greater financial protection to individuals and families impacted by severe auto accidents. This is particularly relevant given the rising costs associated with medical care, funeral expenses, and loss of income related to wrongful death incidents. Insurers operating within the state will need to adjust their policies and premiums in accordance with the revised limits, which could lead to broader changes in the market dynamics of automobile insurance in South Carolina.
Summary
House Bill 3267 seeks to amend existing South Carolina legislation regarding automobile insurance by raising the limits associated with bodily injury resulting in death. Specifically, this bill modifies Section 38-77-140 of the South Carolina Code of Laws, proposing a new liability cap of one hundred fifty thousand dollars for cases of bodily injury that result in death. This revision is poised to impact the insurance landscape by ensuring that minimum coverage for such cases is more reflective of potential damages and needs of affected families.
Contention
While the bill is primarily aimed at enhancing consumer protections and ensuring fair compensation, it may also face scrutiny regarding its potential financial burden on insurers. Opponents might argue that the increased minimums could lead to higher premiums for consumers, particularly impacting low-income drivers who depend on affordable insurance options. There may be discussions among legislators about the balance between providing adequate coverage and maintaining accessibility to insurance for all residents.
Creates "Harter's Law" to extend the civil statute of limitations, for injuries resulting from first degree child abuse, to thirty-five (35) years and cap civil damages recovery at five hundred thousand dollars ($500,000).