§41D-4  State risk management revolvingfund.  (a)  The state risk management revolving fund is created and shallbe funded in amounts reasonably necessary to:

(1)  Carry out the responsibilities of the comptrollerestablished in section 41D-2;

(2)  Pay claims to state agencies for losses toproperty of the State caused by fire or other casualty, including the cost torepair or replace buildings and other structures, replace damaged contents, andto provide alternate structures while damaged structures are being repaired orreplaced;

(3)  Pay claims against the State under sections662-11, 41D-3, and 41D-8; and

(4)  Pay for losses to the State incurred by thedishonesty, nonfeasance, or misfeasance of any officer or employee of the Stateor for any losses to the State through larceny, theft, embezzlement, forgery,misappropriation, wrongful abstraction, wilful misapplication, or any otherfraudulent or dishonest act committed by one or more of the employees of theState acting directly or in collusion with others.

(b)  In addition to any appropriation thelegislature shall make to the state risk management revolving fund, thecomptroller may apportion to, and collect from, state agencies those amounts ofmoney that, in the discretion of the comptroller, reflect benefits received bythe agencies under this chapter.  The comptroller may consider the relevantrisk and loss experience of the agencies in making apportionments andassessments.  Funds so collected shall be deposited into the state riskmanagement revolving fund.

(c)  The comptroller may establish deductiblesfor the state agencies for certain perils or classes of property losses andmay:

(1)  Assess the agencies for losses incurred in theamount of the deductible; or

(2)  Reduce the payment from the state risk managementrevolving fund to cover the casualty loss by the amount of the deductible.

(d)  The comptroller may establish a formulafor refunds to the state agencies based upon the agencies' risk and lossexperience.

(e)  Money in the state risk managementrevolving fund shall be expended only for the purposes delineated in subsection(a) and only upon the authority of the comptroller, who is given discretionwhen to permit expenditures from the fund.  Money in the state risk managementrevolving fund shall not be garnished, attached, or otherwise subjected tolegal compulsion to pay actual or alleged obligations of the State, any stateagency, or any state employee.

(f)  The comptroller shall prepare, for eachfiscal year, a report of all claims arbitrated, compromised, or settled for$10,000 or less paid from the state risk management revolving fund.  The reportshall be submitted to the legislature twenty days prior to the commencement ofthe regular session next succeeding the year for which the report is made.

(g)  Money received from the settlement ofclaims or losses of the State as delineated in subsection (a) shall be deemedto be trust moneys and may be deposited into the state risk managementrevolving fund or into a trust account with and under the control of theaffected agency at the discretion of the comptroller.  These moneys and anyinterest earned thereon shall be used for the purpose identified in any suchsettlement. [L 1988, c 266, pt of §1; am L 1990, c 117, §2; am L 1991, c 122,§1; am L 2006, c 173, §1]