Amend the committee report, as and if amended, by striking lines 27 on page [7-1] through line 3 on page [7-2], and inserting therein the following:
/ (6) Starting July 1, 2021, and by July 1 of every even-numbered year thereafter, the Revenue and Fiscal Affairs Office, Board of Economic Advisors, must adjust the target fund amount by calculating the increase or decrease in the ratio of the Consumer Price Index for all Urban Consumers (CPI U), South Region, published by the U.S. Department of Labor, to the Index of June 30 of two years prior, and all limitations on liability amounts allowed by Sections 15-78-120(a)(1) through (4) must be adjusted accordingly. As soon as practicable after this adjustment is calculated, the Director of the Revenue and Fiscal Affairs Office shall submit the revised limitations on liability amounts as allowed by Section 15-78-120(a)(1) through (4) to the State Register for publication pursuant to Section 1-23-40(2) and to the Director of the Insurance Reserve Fund. As soon as practicable after this adjustment is calculated and the revised limitations on liability amounts are sent to the Director of the Insurance Reserve Fund, the Director of the Insurance Reserve Fund shall publish the revised limitations on liability amounts on the Insurance Reserve Fund's internet website. The revised limitations on liability amounts become effective on July 1 of the year in which the adjustment is made, and apply to all causes of action arising on or after July 1 of that year and before July 1 of every even-numbered year following." /
Renumber sections to conform. Amend title to conform.