A. There is hereby created in the State Treasury a revolving fund for the Office of Management and Enterprise Services, to be designated the “Risk Management Revolving Fund”. The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of any monies transferred thereto by act of the Legislature and any monies which may be deposited thereto by the Office of Management and Enterprise Services as provided for by law. The money in the fund shall be invested by the Risk Management Administrator, as hired or contracted pursuant to Section 85.58A of this title, in the manner specified for making investments in Section 1305.1 of this title. Investment income of the fund shall be added to the fund. B. Within the Risk Management Revolving Fund, there is hereby created the Property and Casualty Account, the Motor Vehicle Liability Account and the General Tort Liability Account. The Director of the Office of Management and Enterprise Services is authorized to establish such additional accounts within the Risk Management Revolving Fund deemed necessary. The monies in each account shall be maintained actuarially separate to ensure that premiums or fees paid for specific insurance coverage are adequate to pay the expenses and claims for that coverage. C. All monies accruing to the credit of said fund are hereby appropriated and may be budgeted and expended by the Office of Management and Enterprise Services for the purposes of the Comprehensive Professional Risk Management Program provided for in Section 85.58A of this title, including but not limited to the salaries and administrative expenses of the Risk Management Administrator and support staff and expenses the Department incurs to support program operations. Expenditures from said fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment. Added by Laws 1985, c. 312, § 43, emerg. eff. July 25, 1985. Amended by Laws 1989, c. 300, § 19, operative July 1, 1989; Laws 1994, c. 329, § 6, eff. July 1, 1994. Renumbered from § 85.35 of this title by Laws 1998, c. 371, § 15, eff. Nov. 1, 1998. Amended by Laws 2003, c. 372, § 10, eff. July 1, 2003; Laws 2012, c. 304, § 787; Laws 2024, c. 163, § 1, eff. Nov. 1, 2024.
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