§ 58-31-1. State Property Fire Insurance Fund created. - North Carolina Statutes

Article31.

Insuring State Property,Officials and Employees.

§ 58‑31‑1.  StateProperty Fire Insurance Fund created.

Upon the expiration of allexisting policies of fire insurance upon state‑owned buildings, fixtures,furniture, and equipment, including all such property the title to which may bein any State department, institution, or agency, the State of North Carolinashall not reinsure any of such properties.

There is hereby created a"State Property Fire Insurance Fund," which shall be as a special fundin the State treasury, for the purpose of providing a reserve against loss fromfire at State departments and institutions. The State Treasurer shall be thecustodian of the "State Property Fire Insurance Fund" and shallinvest its assets in accordance with the provisions of G.S. 147‑69.2 and147‑69.3. The unexpended appropriations of State departments andinstitutions for fire insurance premiums for the fiscal year 1944‑1945and the appropriations for fire insurance premiums made for the biennium 1945‑1947or that may thereafter be made for this purpose shall be transferred to the"State Property Fire Insurance Fund." (1945, c. 1027, s. 1; 1963,c. 462; 1975, c. 519, s. 1; 1979, c. 467, s. 4.)