(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.
Structure Arkansas Code
Subtitle 2 - Elementary and Secondary Education Generally
Chapter 21 - School Property and Supplies
Subchapter 7 - School Motor Vehicle Insurance Act
§ 6-21-703. Public School Motor Vehicle Insurance Program — Participation
§ 6-21-704. Administration — Reports
§ 6-21-705. Powers and duties of Insurance Commissioner
§ 6-21-706. Information furnished by participants
§ 6-21-707. Inspection and safety program
§ 6-21-709. Payment of claims — Subrogation — Premium rate — Excess insurance
§ 6-21-710. Public School Insurance Trust Fund — Investments