§23-2C-7. Custody, investment and disbursement of funds.
(a) The State Treasurer shall be the custodian of the workers'
compensation Old Fund, workers' compensation Uninsured Employer
Fund, the Self-Insured Employer Guaranty Risk Pool, the
Self-Insured Employer Security Risk Pool, the Private Carrier
Guaranty Fund and the Assigned Risk Fund and moneys payable to each
of these funds shall be deposited in the State Treasury to the
credit of the funds. Each fund shall be a separate and distinct
fund upon the books and records of the Auditor and Treasurer.
Disbursements from these funds shall be made upon requisitions
signed by the executive director and, effective upon termination of
the commission, the Insurance Commissioner. The workers'
compensation Old Fund, the workers' compensation Uninsured Employer
Fund, the Self-Insured Employer Guaranty Risk Pool, Self-Insured
Employer Security Risk Pool, the Private Carrier Guaranty Fund and
the Assigned Risk Fund are participant plans as defined in section
two, article six, chapter twelve of this code and are subject to
the provisions of section nine-a of said article. The funds may be
invested by the Investment Management Board in accordance with said
(b) If the Governor issues the proclamation set forth in this
article, then, effective upon termination of the commission, all
remaining assets and funds contained in the Workers' Compensation
Fund which are payable to the New Fund shall be so disbursed and
paid to the company by communication of the executive director to the State Treasurer or other appropriate state official prior to
the termination of the commission.