Sec. 21.76.020. Regulation by division of insurance and annual report.
(a) A joint insurance arrangement may not be considered insurance for the purpose of any other law of the state and is not subject to regulations adopted by the director. (b) By October 1 of each year, the administrator of a joint insurance arrangement shall prepare and deliver to the Legislative Budget and Audit Committee […]
Sec. 21.76.030. General provisions of cooperative agreements.
A cooperative agreement must provide for the proper operation of the joint insurance arrangement and include provisions for (1) administration of the arrangement by a board of directors, specifying the number of members of the board and other requirements necessary for the proper functioning of the board; (2) appointment of an administrator and other persons […]
Sec. 21.76.040. Financial provisions of agreements.
(a) A cooperative agreement must include a provision requiring an annual determination by a casualty actuary who is a member of the American Academy of Actuaries that procedures for establishing reserves for losses of the joint insurance arrangement are actuarially sound. (b) A joint insurance arrangement shall be subject to an annual independent audit. The […]