§ 23-61-702 - State Insurance Department Trust Fund -- Creation. - Arkansas Statutes

23-61-702. State Insurance Department Trust Fund -- Creation.

(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the State Insurance Department Trust Fund to be used to:

(1) Defray the expenses of the State Insurance Department in the discharge of its administrative and regulatory powers and duties as prescribed by law;

(2) Defray the administrative expenses and losses incurred by the Arkansas Comprehensive Health Insurance Pool or its successor; and

(3) Fund capital expenditures and training for fire departments certified by the Arkansas Department of Emergency Management.

(b) No money is to be appropriated from this fund for any purpose except:

(1) As provided in subsection (a) of this section;

(2) For the personal services and operating expenses, maintenance and operations, and support of and improvements to the State Insurance Department; or

(3) At the direction of the Insurance Commissioner for the use, benefit, and support of the State Insurance Department.

(c) The fund established pursuant to this section shall be administered, disbursed, and invested under the direction of the commissioner and the Treasurer of State.

(d) All income derived through grants, refunds, and gifts to the fund shall be credited as income to the fund and deposited therein.

(e) Further, all moneys deposited to the fund shall not be subject to any deduction, tax, levy, or any other type of assessment except as may be provided in this subchapter.