Idaho § 67-5776 - Retained risks account - Purposes - Amount - Limit - Appropriation - Investment

§ 67-5776. Retained risks account - Purposes - Amount - Limit - Appropriation - Investment

(1) There is hereby created an account in the agency asset fund in the state treasury to be designated the "retained risk account." The account shall be used solely for payment of premiums, costs of maintaining the operation of the risk management office, or upon losses not otherwise insured and suffered by the state as to property and risks which at the time of the loss were eligible for such payment under guidelines theretofore issued by the director of the department of administration.

(2) In addition to moneys, if any, appropriated to the account by the legislature, the director shall deposit with the state treasurer for credit to the retained risk account:

(a) the gross amount of all premiums and surcharges received under section 67-5777 , Idaho Code;

(b) all refunds received on account of insurance policies canceled before expiration;

(c) all refunds or returns under experience rating arrangements with insurers;

(d) savings from amounts otherwise appropriated for the purchase of insurance or conduct of the risk management office operation;

(e) all net proceeds of the sale of salvage resulting from losses paid out of the retained risk account.

(3) The director may from time to time develop guidelines as to properties and risks eligible for payment out of the retained risk account, and as to making of claim and proof of loss.

(4) All moneys placed in the account are hereby perpetually appropriated for the purposes of this section. All expenditures from the account shall be paid out in warrants drawn by the state controller upon presentation of proper vouchers from the director of the department of administration.

(5) Pending such use, surplus moneys in the account shall be invested by the state treasurer in the same manner as provided under section 67-1210 , Idaho Code, with respect to other surplus or idle moneys in the state treasury. Interest earned on the investments shall be returned to the account.