C.  Special Funds

 

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

(1)  Appropriations by the legislature;

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

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

(4)  Moneys received pursuant to an insurance policy.

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

(c)  Revenues deposited into the special fundmay be expended by the university for costs and expenses associated with theadministration and operation of the risk management program, including but notlimited to insurance premiums, retention payments, claims administration andoperation, settlements, payment of judgments, other obligations, and legal feesand costs.

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