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Pennsylvania Statutes Title 40 P.S. Insurance § 1600.304. Civil Disorder Authority Fund

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) The authority shall establish a Civil Disorder Authority Fund (hereinafter called “the Fund”) which shall be available without fiscal year limitation:

(1) To make such payments as may, from time to time, be required by the Federal reinsurance facility;

(2) To pay proper administrative expenses of the authority; and

(3) To repay such obligations of the authority, including interest thereon, as may be incurred by the authority pursuant to the provisions of this article.

(b) The fund shall be credited with:

(1) Such amounts as may be advanced to the Fund from whatever source in order to maintain the Fund in a solvent condition and able to satisfy its obligations;

(2) Interest which may be earned on investments of the Fund;

(3) Moneys borrowed by the authority and deposited in the Fund; and

(4) Receipts from any other source which may, from time to time, be credited to the Fund.

(c) All moneys of the Fund, from whatever source derived, shall be paid to the treasurer of the authority and deposited by him in one or more banks or trust companies, in one or more special accounts, and each of such special accounts shall be continuously secured by a pledge of direct obligations of the United States of America or of the Commonwealth of Pennsylvania, having an aggregate market value, exclusive of accrued interest, at all times at least equal to the balance on deposit in such account. Such securities shall either be deposited with the treasurer or be held by a trustee or agent satisfactory to the authority. All banks and trust companies are authorized to give such security for such deposits. The moneys in said accounts shall be paid out on the warrant or other order of the treasurer of the authority or of such other person or persons as it may authorize to execute such warrants or orders.

The Department of Revenue and the Auditor General of the Commonwealth and their legally authorized representatives are hereby authorized and empowered from time to time to examine the accounts and books of the authority and any other matters relating to its finances, operations and affairs.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 40 P.S. Insurance § 1600.304. Civil Disorder Authority Fund - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-40-ps-insurance/pa-st-sect-40-1600-304/

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