The bill H. 4732 proposes amendments to several sections of the South Carolina Code of Laws concerning automobile insurance arbitration. Key changes include an increase in the compensation for arbitrators from $350 to $400, and an increase in the filing fee for arbitration claims from $10 to $50. Additionally, the bill revises the requirements for filing arbitration claims, mandating that claims be submitted in triplicate and specifying the information that must be included. It also introduces a provision allowing arbitrators to award reasonable attorney's fees and costs to the prevailing party in arbitration cases.

Furthermore, the bill modifies the appeal process for arbitration decisions, allowing dissatisfied parties to appeal within twenty days and stipulating that the arbitrators' decisions will be admissible as substantive evidence in any subsequent trial. This change aims to streamline the arbitration process and enhance the evidentiary weight of arbitrators' decisions in court. The bill will take effect upon approval by the Governor.

Statutes affected:
Latest Version: 38-77-720, 38-77-730, 38-77-740, 38-77-770