South Carolina § 10-7-140 - Reduction of premiums.
Full text of South Carolina South Carolina Code of Laws § 10-7-140 — Reduction of premiums., with citation guidance and answers to common questions.
§ 10-7-140. Reduction of premiums.
When the insurance reserve fund provided for in SECTION 10-7-130 reaches the sum of five per cent of the total insurance in force, then annually thereafter the State Fiscal Accountability Authority shall proportionately decrease the premium of insurance to an amount which will be sufficient to maintain the insurance fund at five per cent of the total insurance in force, and if in the judgment of the authority the income from the investment of the insurance sinking fund is sufficient to maintain the insurance fund at five per cent of the total insurance in force, no premium shall be charged for the ensuing year, except that no building or property insured by the authority shall cease to pay premiums until five annual payments shall have been paid even though such payments increase such insurance sinking fund beyond the sum equal to five per cent of the total insurance in force.
HISTORY: 1962 Code SECTION 1-443; 1952 Code SECTION 1-443; 1942 Code SECTION 2187; 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.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 10-7-140
What does South Carolina Code of Laws § 10-7-140 cover?
Section 10-7-140 ("Reduction of premiums.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 10-7-140?
A common citation format is "South Carolina Code of Laws § 10-7-140" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 10-7-140 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.