South Carolina Code of Regulations
Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION
Article 15 - SELF-INSURANCE
Section 67-1504 - Proof of Compliance, Reserve Account, and Other Accounts
Universal Citation: SC Code Regs 67-1504
Current through Register Vol. 48, No. 3, March 22, 2024
A. Each proposed self-insurance fund shall establish a reserve account and other accounts as necessary. To provide proof of a reserve account, an officer of the fund shall file an affidavit with the Self-Insurance Division within the time provided in R.67-1502B.
(1) The affidavit shall state the
name of the bank, the account number and the current account balance.
(2) The fund initially shall deposit into the
reserve account not less than twenty-five percent of the first year's total
estimated annual standard premium.
(3) The fund initially shall deposit into
accounts other than its reserve account seventy-five percent of the first
year's total estimated annual standard premium from which expenses may be
paid.
(4) After the self-insurance
fund's first year, the fund shall maintain the reserve at no less than
twenty-five percent of the total estimated annual standard premium for all
members of the fund.
B. The fund shall neither distribute nor pay a dividend from the reserve account or any part thereof to any member without approval of the Self-Insurance Division.
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