2014 Louisiana Laws
Revised Statutes
TITLE 3 - Agriculture and Forestry
RS 3:3410.1 - Self-insurance fund
§3410.1. Self-insurance fund
A. The commission may operate a program of self-insurance for warehouses, grain dealers, and cotton merchants licensed under this Chapter.
B. The insurance shall be limited to the amount of the bonds required by R.S. 3:3410, 3411, and 3411.1, and shall be accepted in lieu of those bonds.
C. The commission may charge fees for participation in the program established in this Section. The amount of the fees shall be fixed by rule adopted in accordance with the Administrative Procedure Act.
D. The fees charged under this Section shall be subject to the following provisions:
(1) All fees shall be deposited immediately upon receipt in the state treasury.
(2) After compliance with the requirements of Article VII, Section 9 of the Constitution of Louisiana relative to the Bond Security and Redemption Fund, and prior to monies being placed in the state general fund, an amount equal to that deposited as required by Paragraph (1) of this Subsection shall be credited to a special fund hereby created in the state treasury to be known as the Agricultural Commodity Commission Self-Insurance Fund. The monies in this fund shall be used solely as provided in Paragraph (3) of this Subsection and only in the amounts appropriated by the legislature. All unexpended and unencumbered monies in this fund at the end of each fiscal year shall remain in this fund. The monies in this fund shall be invested by the state treasurer in the same manner as monies in the state general fund, and interest earned on the investment of these monies shall be credited to this fund, again, following compliance with the requirement of Article VII, Section 9 relative to the Bond Security and Redemption Fund.
(3) The monies in the Agricultural Commodity Commission Self-Insurance Fund shall be used solely for the administration and operation of the program of self insurance provided for in this Section.
Acts 1986, No. 1068, §1, eff. July 17, 1986; Acts 1997, No. 1034, §1; Acts 2009, No. 24, §1, eff. June 12, 2009.
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