(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State, a separate fund to be known as the “Arkansas Multi-Agency Insurance Trust Fund”.
(b) No money shall be appropriated from the Arkansas Multi-Agency Insurance Trust Fund for any purpose except to pay:(1) Insurance and reinsurance premiums for a motor vehicle;(2) Loss adjustment expenses;(3) Related educational and training expenses;(4) Insured claims falling below the annual aggregate deductible level;(5) Expenses including actuarial, consultant, and service contract fees; and(6) Cybersecurity risk insurance premiums and expenses.
(1) Insurance and reinsurance premiums for a motor vehicle;
(2) Loss adjustment expenses;
(3) Related educational and training expenses;
(4) Insured claims falling below the annual aggregate deductible level;
(5) Expenses including actuarial, consultant, and service contract fees; and
(6) Cybersecurity risk insurance premiums and expenses.
(c) (1) The assets of the Arkansas Multi-Agency Insurance Trust Fund may be invested and reinvested as the Insurance Commissioner may determine.(2) All income derived through investment of the Arkansas Multi-Agency Insurance Trust Fund as established under this chapter shall be credited as investment income to the Arkansas Multi-Agency Insurance Trust Fund.(3) For the purposes of investment, Arkansas Multi-Agency Insurance Trust Fund moneys invested and interest earned thereon shall be administered as trust funds.(4) All moneys deposited to the Arkansas Multi-Agency Insurance Trust Fund shall not be subject to any deduction, tax, levy, or any other type of assessment.
(1) The assets of the Arkansas Multi-Agency Insurance Trust Fund may be invested and reinvested as the Insurance Commissioner may determine.
(2) All income derived through investment of the Arkansas Multi-Agency Insurance Trust Fund as established under this chapter shall be credited as investment income to the Arkansas Multi-Agency Insurance Trust Fund.
(3) For the purposes of investment, Arkansas Multi-Agency Insurance Trust Fund moneys invested and interest earned thereon shall be administered as trust funds.
(4) All moneys deposited to the Arkansas Multi-Agency Insurance Trust Fund shall not be subject to any deduction, tax, levy, or any other type of assessment.
(d) All moneys received by the risk manager, including, but not limited to, the premiums collected and any insured loss or loss expenses paid by insurance or reinsurance companies shall be deposited into the Arkansas Multi-Agency Insurance Trust Fund created in this section.