SC RAID background to the injury suffered by the Fund could cause problems
The South Carolina House Ways and Means Committee approved a budget to eliminate the reserve status of violations of the second fund (SIF) and $ 40 million for the remainder of the money in the Fund on the state of general budget. “Although we support the repeal of the FIS, we believe that the money has already been in the insurance sector must be maintained in the Fund to pay said Robert Herlong, South East Regional Manager of the Property Casualty Insurers Association of America (PCI) Reviewed. Otherwise, there would probably have to double check in the sector. “PCI has been working for several years with the department for the insurance industry and others in the industry for the abolition of the second violations of funds. Rating insurers have increased dramatically in recent years, to $ 133.3 million in fiscal 2002-2003, representing 13 percent of the Workers’ Compensation premium in South Carolina. The reserve is aimed at stopping Fund to new requirements from 1 July 2004, after the insurance division would monitor the dates selection of applications, until all commitments are paid. The reserve is also the assessment body 175 percent with a formula to 110 percent. “PCI welcomes measures for the abolition of funds, but we have objections against the diversion of funds to its state budget,” said Herlong. “These facilities should be used for settling claims of the period ballot to prevent new assessments in industry. In the long term, these reviews is to all companies that the Workers’ Compensation insurance. If the state budget is in a crisis situation, then the problem should be the head rather indirectly, through an unjust judgement against the economy.
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