(a) An interlocal risk management agency shall maintain at all times an excess loss funding program acceptable to the Commissioner. An excess loss funding program may consist of excess insurance, self- funding from unobligated surplus of a fund, any combination of such excess insurance or self-funding, or any other funding program acceptable to the Commissioner.
(b) The excess loss funding program of an agency shall be approved by the Commissioner as a condition to the issuance and maintenance of a certificate of authority of any agency which establishes a fund or funds authorized pursuant to this article. An agency may be permitted to purchase excess insurance:
(1) From insurers authorized to transact business in this state; or
(2) From approved surplus lines carriers.
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