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.
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.
Structure South Carolina Code of Laws
Title 10 - Public Buildings and Property
Chapter 7 - Insurance On Public Buildings And Property
Section 10-7-20. Insurance on public buildings of incorporated municipalities.
Section 10-7-30. Insurance on public buildings of counties.
Section 10-7-40. Insurance on public school buildings.
Section 10-7-50. Cancellation or reduction of insurance on abandoned school buildings.
Section 10-7-60. Cancellation in case of dilapidation and depreciation.
Section 10-7-70. Officials in charge of buildings shall provide for insurance.
Section 10-7-80. Officials shall furnish information on school buildings.
Section 10-7-90. Premium rate.
Section 10-7-100. Payment of premiums.
Section 10-7-120. Authority may reinsure.
Section 10-7-130. Insurance reserve funds.
Section 10-7-140. Reduction of premiums.
Section 10-7-160. Value of buildings.
Section 10-7-170. Amount of insurance.
Section 10-7-180. Appraisers in case of loss or damage.
Section 10-7-190. Payment of amount of award.
Section 10-7-200. Contracts and loans for hazard reducing systems.
Section 10-7-210. Losses when authority holds hazard reduction system loans.