63A-4-201. Risk Management Fund created — Administration — Use.
(1) |
Terms Used In Utah Code 63A-4-201- Executive director: means the executive director of the Department of Government Operations. See Utah Code 63A-1-103
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(a) |
There is created the Risk Management Fund, which shall be administered by the risk manager. |
(b) |
The fund shall cover property, liability, fidelity, and other risks as determined by the risk manager in consultation with the executive director. |
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(2) |
The risk manager may only use the Risk Management Fund to pay:
(a) |
insurance or reinsurance premiums; |
(b) |
costs of administering the Risk Management Fund and any captive insurance companies created by the risk manager; |
(c) |
loss adjustment expenses; |
(d) |
risk control and related educational and training expenses; and |
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(3) |
In addition to any money appropriated to the Risk Management Fund by the Legislature, the risk manager shall deposit with the state treasurer for credit to the Risk Management Fund:
(a) |
any insured loss or loss expenses paid by insurance or reinsurance companies; |
(b) |
the gross amount of all premiums and surcharges received under Section 63A-4-202; |
(c) |
the net refunds from cancelled insurance policies necessary to self-insure previously insured risks, with the balance of the proceeds to be refunded to the previously insured entities; |
(d) |
all refunds, returns, or dividends from insurance carriers not specifically covered in Subsections (3)(a), (b), and (c); |
(e) |
savings from amounts otherwise appropriated for participation in the fund; and |
(f) |
all net proceeds from sale of salvage and subrogation recoveries from adverse parties related to losses paid out of the fund. |
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(4) |
The state treasurer shall invest the Risk Management Fund in accordance with Section 63A-4-208 and deposit all interest or other income earned from investments into the Risk Management Fund. |
Amended by Chapter 169, 2022 General Session