§ 42-7-10 — Establishment of State Accident Fund; contents.

South Carolina § 42-7-10

• Jurisdiction: South Carolina
• Title 42: WORKERS' COMPENSATION
• Ch. 7: FUNDS

Text

(A) There is established as a separate agency of state government a separate fund to be known as the State Accident Fund, hereinafter referred to as the "fund" or "state fund" in this article. This fund consists of annual premium charges, recoveries from the Second Injury Fund, recoveries by subrogation and, subject to subsection (B), of all income or revenue derived from investing these funds. Receipts for the credit of the fund and expenditures from the fund must be handled in the manner provided by law governing all state funds. (B) One-third of the investment income generated in Fiscal Year 1990-91 and two-thirds of the income generated in Fiscal Year 1991-92 must be credited to the state fund in those years respectively. Thereafter all such income must be credited to the state fund except that the State Treasurer may charge the state fund, and credit to the general fund, the customary investment management fee.

Legislative History

HISTORY: 1962 Code SECTION 72-451; 1952 Code SECTION 72-451; 1947 (45) 147; 1974 (58) 2237; 1989 Act No. 189, Part II, SECTION 22A, eff June 8, 1989 (became law without the Governor's signature); 1993 Act No. 181, SECTION 987, eff July 1, 1993. Editor's Note 1993 Act No. 181, SECTION 996, eff July 1, 1993, provides as follows: "SECTION 996. Upon the effective date of this act, the State Workers' Compensation Fund shall be known as the State Accident Fund, and, other than as provided in Article 1, Chapter 7, Title 42 of the 1976 Code, Section 42-7-10 through Section 42-7-100 of this act, any other reference which may be contained in the 1976 Code of Laws or other statutes to the 'State Workers' Compensation Fund' shall be deemed to mean, and shall be changed to, the 'State Accident Fund'."