- Alaska Statutes.
- Title 37. Public Finance
- Chapter 5. Fiscal Procedures Act
- Section 289. State Insurance Catastrophe Reserve Account.
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. Insurance For State Assets.
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. Purpose of Chapter. [Repealed, Sec. 67 Ch 106 SLA 1986].
AS 37.05.289. State Insurance Catastrophe Reserve Account.
- (a) There is established in the general fund a state insurance catastrophe reserve account consisting of assets
appropriated to it by the legislature, assets allocated to the account by the Department of Administration as provided
in this section, and amounts deposited into the account as provided in this section. Assets of the account may be used
to obtain insurance, to establish reserves for the self-insurance program, and to satisfy claims or judgments arising
under the program. Interest earned on money in the account shall be remitted to the Department of Revenue in accordance
with AS 37.10.050
- (b) The Department of Administration may allocate to the state insurance catastrophe reserve account, from the
appropriations to all state agencies for insurance-related purposes, an amount that the commissioner of administration
determines to be necessary to provide an adequate insurance program for the operations of state government. Money
remaining in the account at the end of a fiscal year is not a one-year appropriation under AS 37.25.010
and does not lapse, except for amounts determined by the commissioner of administration to be unnecessary to maintain
this account at an appropriate level and not to exceed $5,000,000. If the amount necessary to satisfy claims or
judgments for which payment may be due under the state insurance program in a fiscal year exceeds the unexpended
balance of the amounts allocated to the account, the department may charge an additional amount from the unencumbered
balance of any appropriation that is determined by the commissioner of administration to be available for lapse at the
end of the fiscal year.
- (c) The $5,000,000 cap, set in (b) of this section, on money that may be retained in the state insurance catastrophe
reserve account applies only to unobligated money in the account at the end of a fiscal year.
- (d) Amounts received in settlement of insurance claims or as recovery for losses shall be deposited into the state
insurance catastrophe reserve account.
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