41-622.01. Revolving fund for joint insurance purchase retention pools
213 words·~1 min read·
/az/title-41/41-622-01A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A permanent special risk revolving fund is established in the department of administration for the purpose of administering joint insurance purchase, self-insurance or pooled retention plans for contractors of this state prescribed by section 41-621, subsection E. The fund shall be administered pursuant to section 41-621.01. Except if otherwise provided by law, this state shall not appropriate any monies from its general fund in the administration of pools within the special risk revolving fund.
B. The monies in the revolving fund may be invested pursuant to section 35-313. Interest earnings on the revolving fund shall be credited to the respective pools within the revolving fund.
C. If the revolving fund is projected to be exhausted the board of trustees shall make a special assessment on all members of a respective pool for monies to meet the needs of the fund. If the monies in the fund are exhausted a final claim settlement of judgment shall accrue interest at the legal rate and is payable on receipt of allocated income from members of the pool.
D. All monies deposited in the fund identified in subsection A of this section are appropriated to the department of administration for use pursuant to this section and are exempt from section 35-190, relating to lapsing of appropriations.