- Alaska Statutes.
- Title 37. Public Finance
- Chapter 5. Fiscal Procedures Act
- Section 287. Insurance For State Assets.
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. Payment For State Purchases.
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. State Insurance Catastrophe Reserve Account.
AS 37.05.287. Insurance For State Assets.
- (a) The Department of Administration shall obtain or provide, in an amount and in the form that the department determines
to be appropriate, casualty, property, and other insurance for protection of state assets and for the operation of
state government. The department may provide for insurance coverage, in whole or in part, through a self-insurance
- (b) The Department of Administration shall annually review the state insurance program to ensure that, to the extent
reasonable, adequate insurance coverage or reserves are maintained to satisfy all reasonably foreseeable claims or
judgments for which payment may be due under the state insurance program during the next fiscal year. The department
shall annually obtain an independent actuarial assessment of the state insurance program. No later than February 1 of
each calendar year, the department shall submit to the presiding officers of each house of the legislature a review of
the state insurance program, an independent actuarial assessment, and a certified audit of the state insurance
catastrophe reserve account.
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