State of South Dakota
LEGISLATIVE ASSEMBLY, 2015
||HOUSE BILL NO. 1185 |
Introduced by: The Committee on Appropriations at the request of the Office of the Governor
FOR AN ACT ENTITLED, An Act to make an appropriation for property and casualty loss coverage, to establish the property and casualty captive insurance company fund for state properties, and to declare an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. There is hereby appropriated from the general fund the sum of four million dollars ($4,000,000) to the Bureau of Administration for the purpose of making a grant to a captive insurance company controlled entirely by the state to fund property and casually loss coverage.
Section 2. The commissioner of the Bureau of Administration shall approve vouchers and the state auditor shall draw warrants to pay expenditures authorized by this Act.
Section 3. The provisions of § 4-8-21 do not apply to the funds appropriated by this Act.
Section 4. There is hereby established in the state treasury the property and casualty captive insurance company fund. The Bureau of Administration may enter into an agreement with a captive insurance company for the management of the company's funds. Money in this fund may be used to pay for property and casualty losses for state owned property as well as administrative and reinsurance costs for this fund. Interest earned on money in the fund shall be deposited into
the fund. Unexpended money and any interest that may be credited to the fund shall remain in the fund. Any money in the property and casualty captive insurance company fund is continuously appropriated. Any money deposited into and distributed from the fund shall be set forth in an informational budget as described in § 4-7-7.2.
Section 5. Whereas, this Act is necessary for the support of the state government and its existing public institutions, an emergency is hereby declared to exist, and this Act shall be in full force and effect from and after its passage and approval.