(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. 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.
South Carolina Legal Code