§ 26.1-22-02 — State fire and tornado fund - Office of management and budget - Continuing appropriation

North Dakota § 26.1-22-02

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-22: State Fire and Tornado Fund

Text

Continuing appropriation.
1. There is created in the state treasury the state fire and tornado fund to insure state
agencies, political subdivisions, and winter shows against direct and indirect losses
under this chapter. The fund consists of all assessments, interest, investment
earnings, and other income collected under this chapter.
2. The office shall manage the fund. The office may use any information on file in the
state fire marshal program and may delegate responsibilities according to a contract
for administrative services from the North Dakota insurance reserve fund or another
entity to assist with the management of the fund. A contract for administrative services
must have a two-year term ending on June thirtieth of odd-numbered years, and the
contract may not be terminated except at the end of the two-year term. If either party
does not anticipate renewing the contract for another two-year term, notice must be
given by September thirtieth of the even-numbered year during the two-year term.
3. Moneys in the fund are appropriated to the office on a continuing basis for paying
claims against the fund for losses, including loss adjustment expenses; contracting for
services under subsection 2; paying loss prevention inspection and rating inspection
expenses to determine the proper assessment rates for property insured by the fund;
and paying reinsurance expenses under section 26.1-22-21.