There shall be a fund, to be known as the State Insurance Fund, carried by the State Treasurer for the purpose of insuring direct physical loss on buildings and contents for the perils as may be determined by the Finance Director in which title in whole or in part is vested in the State of Alabama or any of its agencies or institutions or in which funds provided by the state have been used for the purchase of the land, construction of the building, purchase or maintenance of any equipment, machinery, furniture, fixtures or supplies in such buildings and public school buildings together with the contents of all such buildings; provided, that this section shall neither repeal nor in any manner affect the provisions of any local act of the Legislature or any general act of local application authorizing city or county boards of education or district boards of education of independent school districts to insure school buildings and property either in the State Insurance Fund or in an insurance company, whichever in the opinion of such board provides the best coverage for such school buildings and property.
Structure Code of Alabama
Chapter 15 - State Insurance Fund.
Section 41-15-1 - Creation; Purpose.
Section 41-15-3 - Survey and Appraisal of Property.
Section 41-15-5 - Basis Upon Which Premiums Charged Generally; Reinsurance.
Section 41-15-6 - Payment of Premiums Generally.
Section 41-15-11 - Limitations Upon Expenditure of Funds; Employees Subject to Merit System.
Section 41-15-12 - Appropriation for Payment of Excess Fire or Tornado Losses; Reimbursement.
Section 41-15-13 - Appropriation of Funds Received in Payment for Loss to Property by Fire, Etc.