Self insurance funds may be established to insure the assets and liabilities of a city or town, not otherwise insured, to the extent determined by the city or town councils; provided, that these funds not exceed five percent (5%) of the total assessed valuation of real estate and tangible personal property in the cities or towns.
Amount of fund
R.I. Gen. Laws § 45-41-2., under Chapter 45-41 Self Insuring Fund.
R.I. Gen. Laws § 45-41-2.