(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund to be known as the “State Captive Insurance Program Trust Fund”.
(b) The State Captive Insurance Program Trust Fund shall consist of all funds transferred by the Department of Shared Administrative Services from the captive insurance company established under § 19-3-506 and any other funds provided by law.
(c) (1) The State Captive Insurance Program Trust Fund shall be administered by and disbursed at the direction of the state.(2) Moneys shall not be appropriated from the State Captive Insurance Program Trust Fund for any purpose except for:(A) The use and benefit of the captive insurance company established under § 19-3-506 for claims;(B) Expenses of the captive insurance company established under § 19-3-506, including without limitation actuarial fees, consultant expenses, operating expenses, and service contract fees; and(C) The personnel costs for the Department of Shared Administrative Services to support the captive insurance company established under § 19-3-506.(3) All moneys deposited into the State Captive Insurance Program Trust Fund shall not be subject to any deduction, tax, levy, or any other type of assessment.
(1) The State Captive Insurance Program Trust Fund shall be administered by and disbursed at the direction of the state.
(2) Moneys shall not be appropriated from the State Captive Insurance Program Trust Fund for any purpose except for:(A) The use and benefit of the captive insurance company established under § 19-3-506 for claims;(B) Expenses of the captive insurance company established under § 19-3-506, including without limitation actuarial fees, consultant expenses, operating expenses, and service contract fees; and(C) The personnel costs for the Department of Shared Administrative Services to support the captive insurance company established under § 19-3-506.
(A) The use and benefit of the captive insurance company established under § 19-3-506 for claims;
(B) Expenses of the captive insurance company established under § 19-3-506, including without limitation actuarial fees, consultant expenses, operating expenses, and service contract fees; and
(C) The personnel costs for the Department of Shared Administrative Services to support the captive insurance company established under § 19-3-506.
(3) All moneys deposited into the State Captive Insurance Program Trust Fund shall not be subject to any deduction, tax, levy, or any other type of assessment.
(d) (1) There is created a reserve balance sub-fund in the State Captive Insurance Program Trust Fund as authorized under § 25-45-106 with all requirements as defined in § 25-45-106.(2) Funding allocated for operations and claims for the State Captive Insurance Program shall not be considered part of the net legal balance of the reserve balance sub-fund as described in § 25-45-106.
(1) There is created a reserve balance sub-fund in the State Captive Insurance Program Trust Fund as authorized under § 25-45-106 with all requirements as defined in § 25-45-106.
(2) Funding allocated for operations and claims for the State Captive Insurance Program shall not be considered part of the net legal balance of the reserve balance sub-fund as described in § 25-45-106.