South Carolina General Assembly
116th Session, 2005-2006

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S. 29

STATUS INFORMATION

General Bill
Sponsors: Senator Richardson
Document Path: l:\council\bills\gjk\20005sd05.doc

Introduced in the Senate on January 11, 2005
Currently residing in the Senate Committee on Finance

Summary: Insurance Reserve Fund

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   12/8/2004  Senate  Prefiled
   12/8/2004  Senate  Referred to Committee on Finance
   1/11/2005  Senate  Introduced and read first time SJ-95
   1/11/2005  Senate  Referred to Committee on Finance SJ-95

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/8/2004

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 1-11-148 SO AS TO PROVIDE THAT NO FUNDS OF THE INSURANCE RESERVE FUND SHALL BE LOANED DIRECTLY TO AGENCIES, ENTITIES, OR POLITICAL SUBDIVISIONS OF THIS STATE NOR SHALL ANY OF THESE FUNDS BE DIRECTLY INVESTED IN ANY NOTES, BONDS, OR OTHER DEBT OBLIGATIONS OF THE STATE OF SOUTH CAROLINA OR ITS POLITICAL SUBDIVISIONS, AND TO PROVIDE EXCEPTIONS.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Chapter 11, Title 1 of the 1976 Code is amended by adding:

"Section 1-11-148.    Notwithstanding any other provision of law, no funds of the Insurance Reserve Fund shall be loaned directly to agencies, entities, or political subdivisions of this State nor shall any of these funds be directly invested in any notes, bonds, or other debt obligations of the State of South Carolina or its political subdivisions; provided, that the State Treasurer may continue to invest the funds of the Insurance Reserve Fund under the authority now provided by law. It is the intent of the General Assembly that the funds of the Insurance Reserve Fund are to be used solely for the purpose of providing insurance and the administration and support of the insurance programs. This provision shall govern any transactions entered after the effective date of this section."

SECTION    2.    This act takes effect upon approval by the Governor.

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