H 3551 General Bill, By Clyburn
 A BILL TO AMEND SECTION 42-1-560, CODE OF LAWS OF SOUTH CAROLINA, 1976,
 RELATING TO THE RIGHT OF COMPENSATION NOT BEING AFFECTED BY THE LIABILITY OF A
 THIRD PARTY UNDER THE TITLE 42 (WORKERS' COMPENSATION LAW), SO AS TO PROVIDE
 THAT THE CARRIER'S LIEN ON PROCEEDS OF A THIRD PARTY SETTLEMENT FOR FUTURE
 COMPENSATION AND MEDICAL BENEFITS IS SUBJECT TO EQUITABLE APPORTIONMENT.

   02/15/05  House  Introduced and read first time HJ-10
   02/15/05  House  Referred to Committee on Labor, Commerce and
                     Industry HJ-10

TO AMEND SECTION 42-1-560, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE RIGHT OF COMPENSATION NOT BEING AFFECTED BY THE LIABILITY OF A THIRD PARTY UNDER THE TITLE 42 (WORKERS' COMPENSATION LAW), SO AS TO PROVIDE THAT THE CARRIER'S LIEN ON PROCEEDS OF A THIRD PARTY SETTLEMENT FOR FUTURE COMPENSATION AND MEDICAL BENEFITS IS SUBJECT TO EQUITABLE APPORTIONMENT.

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

SECTION    1.    Section 42-1-560(g) of the 1976 Code is amended to read:

"(g)    When there remains a balance of five thousand dollars or more of the amount recovered from a third party by the beneficiary or carrier after payment of necessary expenses, and satisfaction of the carrier's lien and payment of the share of any person not a beneficiary under this Title, which is applicable as a credit against future compensation benefits for the same injury or death under either subsection (b) or subsection (c) of this section, the entire balance shall in the first instance be paid to the carrier by the third party. The present value of all amounts estimated by the Industrial Commission to be thereafter payable as compensation, with the present value to be computed in accordance with a schedule prepared by the Industrial Commission, shall be held by the carrier as a fund to pay future compensation as it becomes due, and to pay any sum finally remaining in excess thereof to the beneficiaries.

As soon as the Industrial Commission has fixed the amount to be held by the carrier in this fund, or determined that no future compensation will be due, The excess of the third party recovery over the total amount necessary for payment of necessary expenses, satisfaction of the carrier's equitable lien, and payment of the share of any person not a beneficiary under this title and creation of such fund, if any, shall must be paid forthwith to the beneficiary but shall continue to constitute a credit against future compensation benefits for the same injury or death as to any compensation liability that may exist after the fund has been exhausted employee."

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