2006 South Dakota Code - 3-22-5 — Director--Contracts for services--Master contracts of insurance--Purchase ofinsurance and reinsurance--Sub-pools--Agreements with state to establish coverage.

             (1)      Select a director who shall serve at the pleasure of the bureau;

             (2)      Contract for expert assistance including actuarial determinations and claims adjustment services;

             (3)      Contract with any qualified organization to perform any of the services necessary for the carrying out of a liability pool arrangement including claims management, safety engineering services, administrative services, and any and all other services that the bureau deems expedient for the proper servicing of members;

             (4)      Issue specifications and solicit proposals for master contracts of insurance covering all or any portion of the liability covered by this chapter;

             (5)      Purchase master insurance contracts not subject to the bid law and provisions of this state covering all or any portion of the liability covered in this chapter provided the board determines that similar coverage under the master contract can be achieved at a cost similar to the cost of operating the PEPL without such insurance;

             (6)      Purchase reinsurance to insure against catastrophic claims or combinations of claims which power is not subject to the bid law provisions of this state;

             (7)      Establish sub-pools within the PEPL fund whose liability shall extend only to members of the sub-pool, provide the administrative assistance necessary for operation of the sub-pool and enter into agreements with sub-pools regarding funding, passing through reinsurance, purchased pursuant to subdivision (6), or assumption of liability by the PEPL fund within limits established by the bureau;

             (8)      Approve existing or future agreements among members establishing nonassessable sub-pools, risk retention arrangements and risk sharing plans which may include agreements with public agencies of other states. However, such agreements with public agencies of other states may not allow assumption of risk liability beyond any amount established as premium or contribution;

             (9)      Enter into and establish nonassessable risk and liability sharing and pooling arrangements with public agencies and risk pools of other states. However, such agreements with public agencies of other states may not allow assumption of risk liability beyond any amount established as premium or contribution; and

             (10)      Enter into agreements with the state, approved by the Governor or his designee, to establish what areas of coverage, if any, what limits of coverage and what costs for coverage will apply to the state's participation in the PEPL. Any funds remaining from the one million dollars designated in SL 1986, ch 413, § 14 after funding the agreement provided for in this subdivision is available to the commissioner of administration to purchase insurance for the state pursuant to § 21-32-15.

Source: SL 1986, ch 413, § 5; SL 1987, ch 40, § 2.