Arkansas § 21-2-707 Operations and recommendations

Arkansas Statutes

§ 21-2-707 — Operations and recommendations

(a)The Insurance Commissioner, at the direction of the Governmental Bonding Board, shall receive and disburse funds necessary for the establishment and operation of the Self-Insured Fidelity Bond Program.

(b)The State Risk Manager shall assist in the operations of the program and shall submit to the board recommendations for the establishment of:

(1)Premium schedules for all participating governmental entities;

(2)Schedules for deductible amounts;

(3)Loss histories, loss reporting, and loss payment procedures;

(4)Program enrollments;

(5)Annual review of funds income, balances, and expenditures;

(6)Proposed invitations to bid, and retention levels, if the board determines that excess bonds or reinsurance is necessary; and (7) Other information required by the board for efficient ope

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(a) The Insurance Commissioner, at the direction of the Governmental Bonding Board, shall receive and disburse funds necessary for the establishment and operation of the Self-Insured Fidelity Bond Program. (b) The State Risk Manager shall assist in the operations of the program and shall submit to the board recommendations for the establishment of: (1) Premium schedules for all participating governmental entities; (2) Schedules for deductible amounts; (3) Loss histories, loss reporting, and loss payment procedures; (4) Program enrollments; (5) Annual review of funds income, balances, and expenditures; (6) Proposed invitations to bid, and retention levels, if the board determines that excess bonds or reinsurance is necessary; and (7) Other information required by the board for efficient operation of the program.

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