South Carolina § 10-7-140 Reduction of premiums.

South Carolina Statutes

§ 10-7-140 — Reduction of premiums.

South Carolina·Title 10 PUBLIC BUILDINGS AND PROPERTY·Ch. 7 INSURANCE ON PUBLIC BUILDINGS AND PROPERTY

When the insurance reserve fund provided for in SECTION 10-7-130 reaches the sum of five per cent of the total insurance in force, then annually thereafter the State Fiscal Accountability Authority shall proportionately decrease the premium of insurance to an amount which will be sufficient to maintain the insurance fund at five per cent of the total insurance in force, and if in the judgment of the authority the income from the investment of the insurance sinking fund is sufficient to maintain the insurance fund at five per cent of the total insurance in force, no premium shall be charged for the ensuing year, except that no building or property insured by the authority shall cease to pay premiums until five annual payments shall have been paid even though such payments increase such insu

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When the insurance reserve fund provided for in SECTION 10-7-130 reaches the sum of five per cent of the total insurance in force, then annually thereafter the State Fiscal Accountability Authority shall proportionately decrease the premium of insurance to an amount which will be sufficient to maintain the insurance fund at five per cent of the total insurance in force, and if in the judgment of the authority the income from the investment of the insurance sinking fund is sufficient to maintain the insurance fund at five per cent of the total insurance in force, no premium shall be charged for the ensuing year, except that no building or property insured by the authority shall cease to pay premiums until five annual payments shall have been paid even though such payments increase such insurance sinking fund beyond the sum equal to five per cent of the total insurance in force.

South Carolina § 10-7-140 (Reduction of premiums.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: 1962 Code SECTION 1-443; 1952 Code SECTION 1-443; 1942 Code SECTION 2187; 1936 (39) 1668. Code Commissioner's Note At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, SECTION 5(D)(1), effective July 1, 2015.