Bill 287

                    Current Status

Bill Number:               287
Ratification Number:       278
Act Number                 276
Introducing Body:          Senate
Subject:                   Funding of second injury fund

(A276, R278, S287)

AN ACT TO AMEND SECTION 42-7-310, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE FUNDING OF THE SECOND INJURY FUND, SO AS TO PROVIDE FOR PAYMENTS OF DEATH BENEFITS TO THE FUND WHERE THERE IS NO PERSON ENTITLED TO RECEIVE SUCH BENEFITS.

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

Funding of second injury fund

Section 1. Subsection (d) of Section 42-7-310 of the 1976 Code, as last amended by Act 24 of 1977, is further amended to read:

"(d) The funding of the Second Injury Fund on a continuing basis shall be by: (1) deposits to the account of the fund by the State Treasurer of those monies authorized to be paid to the Industrial Commission under Section 42-9-140 and (2) equitable assessments upon each carrier which, as used in this section, shall include all insurance carriers, self-insurers, and State Workmen's Compensation Fund. Each carrier shall under regulations prescribed by Industrial Commission, make payments to the fund in an amount equal to that proportion of one hundred seventy-five percent of the total disbursement made from the fund during the preceding fiscal year less the amount of net assets in the fund as of June thirtieth of the preceding fiscal year which the total benefits paid by such carrier bore to the total benefits by all carriers during the preceding calendar year. An employer who has ceased to be a self-insurer shall continue to be liable for any assessments into the fund on account of any benefits paid by him during such calendar year."

Time effective

Section 2. This act shall take effect July 1, 1982.