§ 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 operation of the program.