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(a) The following agencies shall participate in the Arkansas Multi-Agency Insurance Trust Fund:
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(1) State agencies participating in the State Master Property Policy as of June 30, 2003;
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(2) The Division of Correction;
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(3) The Division of Community Correction; and
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(4) State agencies participating in the Arkansas State Master Vehicle Policy as of June 30, 2003.
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(b) Upon approval by the State Risk Manager, other state agencies may participate in the trust fund.