§ 45-41-1. Establishment of fund. A city or town treasurer, with the advice and consent of his or her city or town council, is hereby authorized and empowered to create and establish a fund for the purpose of self insuring the city or town upon approval and funding by the legally empowered authority of the […]
§ 45-41-2. Amount of fund. Self insurance funds may be established to insure the assets and liabilities of a city or town, not otherwise insured, to the extent determined by the city or town councils; provided, that these funds not exceed five percent (5%) of the total assessed valuation of real estate and tangible personal […]
§ 45-41-3. Payment to and from fund. The self insurance funds shall be used by the cities or towns as nonlapsing, revolving funds for carrying out the provisions of this chapter. To these funds may be charged any and all expenses of a city or town relating to the insurance of its assets and liabilities […]
§ 45-41-4. Investment of fund. (a) Moneys in the funds currently not needed to meet expenses and obligations of self insurance shall be deposited in a depository bank as designated by the city or town councils to the credit of the funds or may be invested by the city or town treasurers, with the approval […]
§ 45-41-5. Expenses of operation. The city or town councils may, in their discretion, authorize the city or town treasurers to expend out of the funds moneys that may be necessary for any expenses of self insurance including administrative, legal, or other service expenses. History of Section.P.L. 1971, ch. 216, § 1.
§ 45-41-6. Account — Annual audit. The city or town treasurers shall keep proper records of accounts and make an annual report of the fund’s condition to the city or town councils. In addition, the fund shall be audited annually in the same manner in which all other funds of the city or town are […]
§ 45-41-7. Additional appropriations. If, following the initial appropriation which establishes a self insurance fund, from time to time, in the opinion of the city or town council, the addition of moneys to the fund is required to adequately insure the assets and liabilities of the city or town, not otherwise insured, the city or […]
§ 45-41-8. Severability. The provisions of this chapter are severable, and if any of its provisions is held unconstitutional by any court of competent jurisdiction, the decision of the court shall not affect or impair any of the remaining provisions. History of Section.P.L. 1971, ch. 216, § 1.
