C.  Special Funds



 



[§304A-2151]  University of Hawaii risk
management special fund.  (a)  There is established the University of
Hawaii risk management special fund.  The following may be deposited into the
special fund:



(1)  Appropriations by the legislature;



(2)  Assessments for risk management costs as
applicable against any funds of the university;



(3)  Moneys received from the settlement of claims or
losses of the university that are not contractually or otherwise obligated for
other purposes; and



(4)  Moneys received pursuant to an insurance policy.



(b)  Notwithstanding any other law to the
contrary, the university may transfer funds at its disposal into the special
fund to be expended for the purposes provided herein.



(c)  Revenues deposited into the special fund
may be expended by the university for costs and expenses associated with the
administration and operation of the risk management program, including but not
limited to insurance premiums, retention payments, claims administration and
operation, settlements, payment of judgments, other obligations, and legal fees
and costs.



(d)  The board of regents shall develop
internal policies and procedures for the management of risk at the university
that are consistent with the goals of public accountability. [L 2006, c 75, pt
of §2]