All funds paid over to the State Fiscal Accountability Authority as premiums on policies of insurance and all money received from interest on loans and deposits and from any other source connected with the insurance of public property, provided for herein, shall be held by the authority as insurance reserve funds for the purpose of paying all losses for which it is liable and the expenses necessary to the proper conduct of such insurance of public property by the authority and shall be invested by it as are other funds in its hands.
S.C. Code Ann. § 10-7-130
Insurance reserve funds
Applied in 1 court decision — leading case South Carolina Department of Disabilities & Special Needs v. Hoover Universal, Inc. (2008)
Most recently applied in South Carolina Department of Disabilities & Special Needs v. Hoover Universal, Inc. (July 2008)
1962 Code SECTION 1-442; 1952 Code SECTION 1-442; 1942 Code SECTION 2187; 1936 (39) 1668; 1950 (46) 3605; 1965 (54) 590; 1976 Act No. 583.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.