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H. 3284
STATUS INFORMATION
General Bill
Sponsors: Reps. Sandifer, Leach, Cato and Young
Document Path: l:\council\bills\dka\3048dw05.doc
Introduced in the House on January 12, 2005
Currently residing in the House Committee on Labor, Commerce and Industry
Summary: Dissolution of Second Injury Fund
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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1/12/2005 House Introduced and read first time HJ-12
1/12/2005 House Referred to Committee on Labor, Commerce and Industry
HJ-13
1/19/2005 House Member(s) request name added as sponsor: Cato
1/26/2005 House Member(s) request name added as sponsor: Young
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 42-7-315 SO AS TO PROVIDE FOR THE ORDERLY DISSOLUTION OF THE SECOND INJURY FUND AND TO PROVIDE FOR SUBSEQUENT ACTIONS TO BE TAKEN BY THE BUDGET AND CONTROL BOARD RELATING TO THE WINDING DOWN OF OPERATIONS OF THE FUND.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 7, Title 42 of the 1976 Code is amended by adding:
"Section 42-7-315. (A) The Second Injury Fund shall not reimburse a self-insured employer or insurer for an otherwise qualifying injury occurring after June 30, 2006. The fund shall continue to reimburse self-insured employers or insurers for qualifying claims resulting from injuries occurring on or before June 30, 2006.
(B) A Notice of Claim may not be filed with the fund, pursuant to Section 42-9-400, after December 31, 2009, and a Request for Hearing may not be filed after December 31, 2010, for the purpose of establishing the validity for a claim for fund reimbursement.
(C) The Budget and Control Board shall require an audit to be conducted of fund liabilities no earlier than July 1, 2011, and no later than June 30, 2012. Funding for this audit must be obtained from funds deposited in the fund's trust fund. Based on information determined in the audit, the Budget and Control Board shall prepare a report to the Speaker of the House of Representatives and to the President of the Senate, no later than January 1, 2013. The report must include recommendations to the General Assembly for the efficient and expeditious closure of the fund. The report must include:
(1) an accounting of the financial affairs of the fund. The accounting must include a recommendation of whether the remaining liability is fully funded through an accelerated assessment plan and when further assessments of employers and insurers is discontinued;
(2) a timetable for the payment of unfunded liabilities including a recommendation on how remaining claims may be funded and how they must be resolved. This recommendation must consider the:
(a) utilization of annuities to liquidate lifetime claims;
(b) feasibility of a portfolio transfer of outstanding claims to a private insurer; and
(c) feasibility of transferring claims to another state agency for liquidation;
(3) a recommended timetable for the orderly winding down of the affairs of the fund. The recommendation must include a plan for the individual employees of the fund specifying which employees are eligible for retirement and other arrangements for employment, if any; and
(4) a recommendation for the transfer of books, records, and property of the fund to another state agency."
SECTION 2. This act takes effect upon approval by the Governor.
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