(a) All funds received by the State Insurance Department as premiums, adjustments, earnings, and the like, as provided in this subchapter, shall be deposited into the Public School Insurance Trust Fund and used for the following purposes, listed in a descending order of priority: (1) To defray administrative costs;(2) To pay claims; and(3) To maintain the Public School Insurance Trust Fund.(b)(1) The department is authorized to invest funds of the Public School Motor Vehicle Insurance Program.(2) Funds of the program may be invested and reinvested as the Insurance Commissioner may determine.(3) Moneys invested and interest earned thereon shall be administered as program funds.(4) All moneys deposited into the Public School Insurance Trust Fund shall not be subject to any deduction, tax, levy, or any other type of assessment.Acts 1991, No. 824, §§ 13, 16; 2003 (2nd Ex. Sess.), No. 78, § 24; 2007, No. 738, § 6.
Arkansas Legal Code