The State Fiscal Accountability Authority shall make quarterly payments on insurance contracts where the annual premium exceeds fifty thousand dollars. The board shall undertake necessary negotiations to implement this requirement. Where fees may be incurred for quarterly rather than annual payments, the State Fiscal Accountability Authority shall determine whether the investment income opportunity is greater or less than proposed fees and shall make the decision which best benefits South Carolina.
S.C. Code Ann. § 1-11-580
Fiscal Accountability Authority to make quarterly payments on certain insurance contracts
1995 Act No. 145, Part II, SECTION 20; 2022 Act No. 202 (H.5075), SECTION 2, eff June 5, 2022.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.