All insurance carried by the State Fiscal Accountability Authority as provided for in this chapter shall be carried at a premium rate to be determined by the authority not in excess of the rate which, in the opinion of the authority, would be charged by reliable old line insurance companies for carrying this insurance.
HISTORY: 1962 Code Section 1-438; 1952 Code Section 1-438; 1942 Code Section 2184; 1936 (39) 1668.
Code Commissioner's Note
At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1), effective July 1, 2015.