§ 2.34.070. Reserving and investing of the self-insurance fund.

A.

The claims manager with the concurrence of the risk management committee shall determine the amount of monies the Kenai Peninsula Borough requires to fund adequate reserves for present known losses and/or claims, estimated reserves for incurred but not reported losses and/or claims, estimated reserves for legal fees for defense of self-insured and uninsured losses and/or claims, estimated costs for purchase of required insurance and bonds and estimated costs for other risk management and insurance related contracts and services.

B.

The fund shall be invested by the director of finance in a manner consistent with Kenai Peninsula Borough policy.

C.

Earnings on investments of the self-insurance fund shall be retained in the fund and used for fund purposes only.

(Ord. No. 2018-30 , § 3, 9-4-18; Ord. No. 89-9, § 1, 1989)