§ 23-61-601. Title
This subchapter may be cited as the “Risk Management Act”.
§ 23-61-602. Purpose
(a) It is the purpose of this subchapter to reduce the cost to the state of insurance coverage, including surety bonds, by establishing the Risk Management Division. (b) It is also the purpose of this subchapter that the division analyze and make recommendations as to cost-effective loss control and safety programs for the various state […]
§ 23-61-603. Definitions
As used in this subchapter, unless the context otherwise requires: (1) “Risk management” means the minimization of loss through the discovery of loss sources, evaluation of the impact of a possible loss on the organization, and the selection of the most effective and efficient technique of dealing with risk of loss; (2) “Risk manager” means […]
§ 23-61-604. Risk Management Division — Creation
There is created a Risk Management Division within the State Insurance Department.
§ 23-61-605. Risk manager — Appointment — Authority
(a) (1) The Administrator of the Risk Management Division will be appointed by the Insurance Commissioner. (2) The risk manager shall be knowledgeable and experienced in risk management techniques. (b) The risk manager shall have the authority to: (1) Establish standardized specifications for insurance coverage of all state agencies; (2) Determine all specifications for insurance […]
§ 23-61-606. Procurement of insurance or surety bonding
(a) The State Procurement Director shall procure insurance or surety bonding in accordance with the Arkansas Procurement Law, § 19-11-201 et seq., unless the risk manager determines that it is in the best interest of the state for the director to procure insurance or surety bonding by negotiation, or for any state agency to procure […]
§ 23-61-607. Rules
(a) The Administrator of the Risk Management Division shall have the authority to promulgate rules consistent with this subchapter. (b) All rules shall be subject to the approval of the Insurance Commissioner and conform with the requirements of the Arkansas Administrative Procedure Act, § 25-15-201 et seq.
§ 23-61-608. Advice and assistance for certain political subdivisions
(a) At the request of any municipality, county, school district, or improvement district, the risk manager may give advice and assistance on the purchase of insurance coverage and other risk management techniques. (b) However, counties, municipalities, school districts, and improvement districts may be required to reimburse the State Insurance Department for expenses incurred by providing […]
§ 23-61-609. Reports by state agencies
State agencies shall report to the Administrator of the Risk Management Division information that the risk manager determines to be necessary to analyze and manage the risk of loss of state assets.
§ 23-61-610. Annual report
The Administrator of the Risk Management Division shall report annually to the Governor and the Legislative Council on his or her findings and recommendations.