The South Carolina House Ways and Means Committee has approved a budget proviso to eliminate the state‘s Second Injury Fund (SIF) and appropriate $40 million of the monies remaining in the fund to the state‘s general budget.
"Although we support the repeal of the SIF, we believe the money that has already been contributed by the insurance industry should be retained in the fund to pay claims," Robert Herlong, Southeast regional manager of the Property Casualty Insurers Association of America (PCI), commented. "Otherwise, there is likely to be a double assessment on the industry."
PCI has been working for several years with the Department of Insurance and others in the industry to repeal the Second Injury Fund. Insurer assessments have increased dramatically in recent years, up to $133.3 million in fiscal year 2002-2003,
