(a) The Servicemembers' Group Life Insurance premium fund is established as a separate fund in the state treasury. The fund consists of appropriations by the legislature to it. Money appropriated to the fund does not lapse. The state shall hold the principal and earnings of the fund for the purpose of reimbursing eligible members of the Alaska National Guard deployed to a combat zone for premiums paid under 38 U.S.C. 1965 - 1980 (Servicemembers' Group Life Insurance Program).
(b) The adjutant general may make expenditures from the fund to reimburse eligible members of the Alaska National Guard deployed to a combat zone for premiums paid under the program during the period of
(1) deployment if the eligible member applies for reimbursement within two years after returning to the state following deployment;
(2) up to one year of convalescence following the return from deployment; and
(3) with the approval of the adjutant general, up to one year of convalescence in addition to the year under (2) of this subsection.
(c) Subject to appropriation, the fund may be used to pay the expenses incurred by the commissioner of revenue in managing the fund and administrative expenses incurred by the Department of Revenue in administering this section.
(d) Except as provided in (c) of this section, money in the fund is available for expenditure without further appropriation.
(e) Nothing in this section creates a dedicated fund.
(f) The Department of Revenue may adopt regulations necessary to carry out the provisions of this section.
(g) In this section,
(1) "combat zone" means an area of hostile fire or imminent danger that entitles a member on duty in that area to special pay;
(2) "convalescence" means hospital, outpatient, or rehabilitation treatment for an injury suffered while deployed to a combat zone;
(3) "fund" means the Servicemembers' Group Life Insurance premium fund;
(4) "program" means the Servicemembers' Group Life Insurance program established by 38 U.S.C. 1965 - 1980.
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