A. The State Insurance Reserve Trust Fund (the "Fund") is established andshall consist of the payments required by subsection B. The Fund shall beunder the management and control of the Division, and any claims for lossespayable out of the Fund shall be at the direction of the Division. The Fundshall be invested as provided in § 2.2-1806 and interest shall be added tothe fund as earned.
B. Each agency, department, division, or institution of state governmenthaving control over any state structure and contents thereof, or thatparticipates in any program of insurance operated by the Division, shall payeach year into the Fund or any trust fund established pursuant to theprovisions of this article amounts necessary to maintain the trusts at levelsof funding deemed adequate by the Division. The Division shall set thepremium and administrative costs to be paid to it for providing an insuranceplan established pursuant to this section. The premiums and administrativecosts set by the Division shall be payable in the amounts, at the time and inthe manner that the Division in its sole discretion requires. Premiums andadministrative costs need not be uniform among participants, but shall be setto best ensure the financial stability of the plan. Whenever any building orstructure is under the control of two or more agencies, departments,divisions or institutions of the Commonwealth, the payment required shall beprorated upon the basis of percentage of the area controlled.
C. In the event of loss or damage exceeding $1000 to property on which thereis no insurance recovery or limited insurance recovery as a consequence ofany action by the Division resulting in noncoverage, reduced insurance,elimination of insured perils or otherwise, the Division shall determine theamount, if any, payable out of the Fund, and such amount, when approved bythe Governor, shall be final. The amount payable shall be used for thepurpose of restoring the damaged structure or rebuilding it, as thecircumstances may require, but in no event shall the amount payable onaccount of such loss exceed the actual cash value or the replacement costvalue of the property in accordance with the basis of insurance, nor shallthe amount payable when added to the insurance recovered exceed the actualcash value or the replacement cost value of the property, as recorded in theproperty and insurance records of the Division.
D. In addition to the amounts payable under subsection C, the costs ofoperating the Division that are properly allocated to its functionsconcerning the Fund and other administrative and contractual costs of theDivision not otherwise provided for shall be paid out of the Fund, for whichpurposes such funds are appropriated.
(1980, c. 488, § 2.1-526.5; 1982, c. 318; 1988, c. 848; 1996, cc. 475, 510;2000, cc. 618, 632, § 2.1-191.8; 2001, c. 844.)
A. The State Insurance Reserve Trust Fund (the "Fund") is established andshall consist of the payments required by subsection B. The Fund shall beunder the management and control of the Division, and any claims for lossespayable out of the Fund shall be at the direction of the Division. The Fundshall be invested as provided in § 2.2-1806 and interest shall be added tothe fund as earned.
B. Each agency, department, division, or institution of state governmenthaving control over any state structure and contents thereof, or thatparticipates in any program of insurance operated by the Division, shall payeach year into the Fund or any trust fund established pursuant to theprovisions of this article amounts necessary to maintain the trusts at levelsof funding deemed adequate by the Division. The Division shall set thepremium and administrative costs to be paid to it for providing an insuranceplan established pursuant to this section. The premiums and administrativecosts set by the Division shall be payable in the amounts, at the time and inthe manner that the Division in its sole discretion requires. Premiums andadministrative costs need not be uniform among participants, but shall be setto best ensure the financial stability of the plan. Whenever any building orstructure is under the control of two or more agencies, departments,divisions or institutions of the Commonwealth, the payment required shall beprorated upon the basis of percentage of the area controlled.
C. In the event of loss or damage exceeding $1000 to property on which thereis no insurance recovery or limited insurance recovery as a consequence ofany action by the Division resulting in noncoverage, reduced insurance,elimination of insured perils or otherwise, the Division shall determine theamount, if any, payable out of the Fund, and such amount, when approved bythe Governor, shall be final. The amount payable shall be used for thepurpose of restoring the damaged structure or rebuilding it, as thecircumstances may require, but in no event shall the amount payable onaccount of such loss exceed the actual cash value or the replacement costvalue of the property in accordance with the basis of insurance, nor shallthe amount payable when added to the insurance recovered exceed the actualcash value or the replacement cost value of the property, as recorded in theproperty and insurance records of the Division.
D. In addition to the amounts payable under subsection C, the costs ofoperating the Division that are properly allocated to its functionsconcerning the Fund and other administrative and contractual costs of theDivision not otherwise provided for shall be paid out of the Fund, for whichpurposes such funds are appropriated.
(1980, c. 488, § 2.1-526.5; 1982, c. 318; 1988, c. 848; 1996, cc. 475, 510;2000, cc. 618, 632, § 2.1-191.8; 2001, c. 844.)
A. The State Insurance Reserve Trust Fund (the "Fund") is established andshall consist of the payments required by subsection B. The Fund shall beunder the management and control of the Division, and any claims for lossespayable out of the Fund shall be at the direction of the Division. The Fundshall be invested as provided in § 2.2-1806 and interest shall be added tothe fund as earned.
B. Each agency, department, division, or institution of state governmenthaving control over any state structure and contents thereof, or thatparticipates in any program of insurance operated by the Division, shall payeach year into the Fund or any trust fund established pursuant to theprovisions of this article amounts necessary to maintain the trusts at levelsof funding deemed adequate by the Division. The Division shall set thepremium and administrative costs to be paid to it for providing an insuranceplan established pursuant to this section. The premiums and administrativecosts set by the Division shall be payable in the amounts, at the time and inthe manner that the Division in its sole discretion requires. Premiums andadministrative costs need not be uniform among participants, but shall be setto best ensure the financial stability of the plan. Whenever any building orstructure is under the control of two or more agencies, departments,divisions or institutions of the Commonwealth, the payment required shall beprorated upon the basis of percentage of the area controlled.
C. In the event of loss or damage exceeding $1000 to property on which thereis no insurance recovery or limited insurance recovery as a consequence ofany action by the Division resulting in noncoverage, reduced insurance,elimination of insured perils or otherwise, the Division shall determine theamount, if any, payable out of the Fund, and such amount, when approved bythe Governor, shall be final. The amount payable shall be used for thepurpose of restoring the damaged structure or rebuilding it, as thecircumstances may require, but in no event shall the amount payable onaccount of such loss exceed the actual cash value or the replacement costvalue of the property in accordance with the basis of insurance, nor shallthe amount payable when added to the insurance recovered exceed the actualcash value or the replacement cost value of the property, as recorded in theproperty and insurance records of the Division.
D. In addition to the amounts payable under subsection C, the costs ofoperating the Division that are properly allocated to its functionsconcerning the Fund and other administrative and contractual costs of theDivision not otherwise provided for shall be paid out of the Fund, for whichpurposes such funds are appropriated.
(1980, c. 488, § 2.1-526.5; 1982, c. 318; 1988, c. 848; 1996, cc. 475, 510;2000, cc. 618, 632, § 2.1-191.8; 2001, c. 844.)
