(10) insurance or means the office of ‘Employee program’ ‘EIP’ the South Carolina Public Employee Benefit Authority Employee Insurance Services Division of the Department of Administration designated by the board to operate insurance programs pursuant to this article, except as otherwise provided by law. (11) means unpaid health claims incurred but not ‘IBNR’ reported. The liability for IBNR claims is actuarially estimated based on the most current historical claims experience of previous payments, inflation, award trends, and estimates of health care trend changes. (12) means the health insurance ‘Operating account’ program’s business operating activities account maintained by the State Treasurer in which are deposited all premiums for enrollees in selffunded health plans authorized in this article, along with employer contributions for active employees covered by such selffunded health plans, and from which claims and administrative expenses of the selffunded health and dental plans administered by the employee insurance program are paid. (13) means state agencies and institutions, ‘Statecovered entity’ however described, and school districts. It also includes political subdivisions of the State that participate in the state health and dental plans. (14) health and dental means any insurance ‘State plans’ program administered by the employee insurance program pursuant to this article. (15) Trust means the South Carolina Retiree ‘SCRHI Fund’ Health Insurance Trust Fund established pursuant to Section 111705 to fund the employer cost for health benefits for retired state employees and retired public school district employees. (16) Retirement or Retirement ‘State System’ ‘State Systems’ means all retirement systems established pursuant to Title 9 except for the National Guard Retirement System. (17) actuarial accrued means for any ‘Unfunded liability’ actuarial valuation the excess of the actuarial accrued liability over the actuarial value of the assets of the fund under an actuarial cost method utilized by the fund for funding purposes. (18) fund paid means the employer premium ‘Trust premiums’ for state health and dental plans coverage paid by the SCRHI Trust Fund on behalf of a retiree. When it is expressed as a percentage of trust fund paid premiums, it means that the SCRHI Trust Fund shall pay the stated percentage of the employer premiums, with the retiree paying the balance of the employer premiums and the entire employee premium.
(10) ‘Employee insurance program’ or ‘EIP’ means the office of the South Carolina Public Employee Benefit Authority Employee Insurance Services Division of the Department of Administration designated by the board to operate insurance programs pursuant to this article, except as otherwise provided by law. (11) ‘IBNR’ means unpaid health claims incurred but not reported. The liability for IBNR claims is actuarially estimated based on the most current historical claims experience of previous payments, inflation, award trends, and estimates of health care trend changes. (12) ‘Operating account’ means the health insurance program’s business operating activities account maintained by the State Treasurer in which are deposited all premiums for enrollees in selffunded health plans authorized in this article, along with employer contributions for active employees covered by such selffunded health plans, and from which claims and administrative expenses of the selffunded health and dental plans administered by the employee insurance program are paid. (13) ‘Statecovered entity’ means state agencies and institutions, however described, and school districts. It also includes political subdivisions of the State that participate in the state health and dental plans. (14) ‘State health and dental plans’ means any insurance program administered by the employee insurance program pursuant to this article. (15) ‘SCRHI Trust Fund’ means the South Carolina Retiree Health Insurance Trust Fund established pursuant to Section 111705 to fund the employer cost for health benefits for retired state employees and retired public school district employees. (16) ‘State Retirement System’ or ‘State Retirement Systems’ means all retirement systems established pursuant to Title 9 except for the National Guard Retirement System. (17) ‘Unfunded actuarial accrued liability’ means for any actuarial valuation the excess of the actuarial accrued liability over the actuarial value of the assets of the fund under an actuarial cost method utilized by the fund for funding purposes. (18) ‘Trust fund paid premiums’ means the employer premium for state health and dental plans coverage paid by the SCRHI Trust Fund on behalf of a retiree. When it is expressed as a percentage of trust fund paid premiums, it means that the SCRHI Trust Fund shall pay the stated percentage of the employer premiums, with the retiree paying the balance of the employer premiums and the entire employee premium.
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