§ 87-15.7. Fund administration. - North Carolina Statutes

§87‑15.7.  Fund administration.

(a)        The Board shalldetermine the procedure for applying to the Board for reimbursement from theFund, for processing applications, for granting requests for reimbursement, andfor the subrogation or assignment of the rights of any reimbursed applicant. The Board shall submit annually a report to the State Treasurer accounting forall monies credited to and expended from the Fund.

(b)        The Board may usemonies in the Fund only for the following purposes:

(1)        To reimburse an applicant'sreimbursable loss after approval by the Board.

(2)        To purchaseinsurance to cover reimbursable losses when the Board finds it appropriate todo so.

(3)        To invest amounts inthe Fund that are not currently needed to reimburse losses and maintainadequate reserves in the manner in which State law allows fiduciaries to investfunds.

(4)        To pay the expensesof the Board to administer the Fund, including employment of counsel toprosecute subrogation claims. (1991, c. 547, s. 1.)