Insurance Reserve Fund

The Insurance Reserve Fund is a Division of the South Carolina State Fiscal Accountability Authority, and reports to the five member board through the Office of the Executive Director. The State Fiscal Accountabillity Authority is authorized and required to provide insurance to governmental entities by a number of statutes. Those statutes are:

Section 1-11-140
Authority to provide tort liability insurance to governmental entities, their employees, and charitable medical facilities
Section 10-7-10 through 10-7-40
Authority to insure public buildings and contents
Section 10-7-120
Authority to purchase reinsurance
Section 10-7-130
Authority to hold monies paid as premiums for the purpose of paying Insured losses
Section 15-78-10 through 15-78-150
S.C. Governmental Tort Claims Act. Authority to provide liability insurance
Section 59-67-710 / 59-67-790
Authority to insure school buses and pupils transported by school bus
Section 59-67-790
Pupil Injury Fund
Section 1-11-147
Automobile Liability Reinsurance
Section 11-9-75
Debt Collection Procedures
Section 38-13-190
Requires South Carolina Insurance Department audits of Insurance Reserve Fund finances

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