Ariz. Admin. Code § R20-5-1528 - Self-Insurance Pool Fidelity or Crime Insurance

A. Except as stated in subsection (C), a Self-Insurance Pool shall maintain during all periods of self-insurance a fidelity or crime insurance policy that protects the pool from unlawful actions of the following:

1. Individuals appointed to the Self-Insurance Pool Board (individual and collective liability);

2. The Administrator of the Self-Insurance Pool;

3. Employees of the Self-Insurance Pool; and

4. Employees of the Administrator, if applicable.

B. The limit of liability of the fidelity or crime insurance policy required in subsection (A) shall be no less than $1 million per occurrence and shall be sufficient to protect the Self-Insurance Pool from damages resulting from unlawful acts related to of any assets controlled or managed by the Self-Insurance Pool Board, the Administrator, employees of the Self-Insurance Pool, and employees of the Administrator, if applicable.

C. A Self-Insurance Pool that maintains at least $3 million in surplus funds at all times during an approved period of self-insurance is exempt from the requirements in this section.

Notes

Ariz. Admin. Code § R20-5-1528

New section made by final rulemaking at 28 A.A.R. 3435, effective 10/5/2022.