00Enrolled HB 102                                                                                                         
01 Relating to the state insurance catastrophe reserve account; and providing for an effective                             
02 date.                                                                                                                   
03                           _______________                                                                               
04    * Section 1. AS 37.05.289(b) is amended to read:                                                                     
05 (b)  The Department of Administration may allocate to the state insurance                                               
06 catastrophe reserve account, from the appropriations to all state agencies for                                          
07 insurance-related purposes, an amount that the commissioner of administration                                           
08 determines to be necessary to provide an adequate insurance program for the                                             
09 operations of state government. Money remaining in the account at the end of a fiscal                                   
10 year is not a one-year appropriation under AS 37.25.010 and does not lapse, except for                                  
11 amounts determined by the commissioner of administration to be unnecessary to                                           
12 maintain this account at an appropriate level and not to exceed $50,000,000                                           
13 [$5,000,000]. If the amount necessary to satisfy claims or judgments for which                                          
14 payment may be due under the state insurance program in a fiscal year exceeds the                                       

01 unexpended balance of the amounts allocated to the account, the department may                                          
02 charge an additional amount from the unencumbered balance of any appropriation that                                     
03 is determined by the commissioner of administration to be available for lapse at the                                    
04       end of the fiscal year.                                                                                           
05    * Sec. 2. AS 37.05.289(c) is amended to read:                                                                        
06            (c)  The $50,000,000 [$5,000,000] cap, set in (b) of this section, on money that                           
07       may be retained in the state insurance catastrophe reserve account applies only to                                
08       unobligated money in the account at the end of a fiscal year.                                                     
09    * Sec. 3. This Act takes effect June 30, 2022.