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Insurance Reserve Fund (IRF) provides property and liability coverage to more than 1,000 state and local government entities in South Carolina. The reports below provide details on payments made by the IRF, including the amounts and reasons for the payments in claims and cases that have been concluded.
South Carolina law requires that you purchase liability and uninsured motorist coverage to drive legally in the state. Auto insurance is divided into two basic coverages: liability and physical damage.
For FY 2023-2024, the General Reserve Fund (GRF) is required to be 5.5 percent of the General Fund revenues of the most recently completed fiscal year. The GRF may be used to cover a year-end shortfall in General Fund revenue collections. The GRF formula is fully funded for FY 20232024 at $715,241,566.
Answer: Drivers are required to carry liability and uninsured motorist coverage with the following limits: $25,000 Bodily Injury Per Person / $50,000 Bodily Injury Per Accident / $25,000 Property Damage Per Accident.
Reserve Fund Insurance Policy means an insurance policy or surety bond provided by a bond insurer, or a letter of credit, deposited in the Reserve Fund or such other Debt Service Reserve Fund in lieu of or partial substitution for cash or securities on deposit therein.