(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 the foregoing, 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.
Section: Previous 36-85-7 36-85-8 36-85-9 36-85-10 36-85-11 36-85-12 36-85-13 36-85-14 36-85-15 36-85-16 36-85-17 36-85-18 36-85-19 36-85-20 NextLast modified: October 14, 2016