§1922. Creation of assessors' insurance fund and committee with authority to contract for group insurance; payment of premiums

A.(1) There is hereby created an Assessors' Insurance Fund for the assessors and assessors' employees throughout the state and a public corporation to be known as the "Insurance Committee of the Assessors' Insurance Fund", which committee shall be vested with the power to administer the fund herewith provided for, to sue and be sued, to bid for, then contract for and pay premiums for group life and accidental death and dismemberment insurance and group health, accident, dental, hospital, surgical, and other medical expense insurance for the assessors, assessors' employees, and dependents of the assessors and assessors' employees as provided for herein with any insurance company legally authorized to do business in this state after final approval by a majority vote of the Louisiana Assessors' Association membership.

(2) The committee shall take bids at least every two years from any agent or company authorized to do business in the state who wishes to bid on the group insurance program.

B. The committee shall carry a blanket fidelity insurance policy covering members of the committee and employees handling the money of the fund and shall pay the premium therefor out of the fund or out of the administrative fee charged the assessors for administering said fund.

C. The Insurance Committee shall be required to deposit all monies received by it in a bank or banks, where such deposits are secured under the Federal Insurance Plan to the extent thereof and the balance by collateral in like amount posted as directed by the committee. The committee shall pay from said funds all premiums when due for group insurance for the assessors and assessors' employees insured under the group contracts herein provided for.

D. The committee shall keep an accurate record of insurance coverage of each insured member, receipts and disbursements, and to file an annual report to the assessors, showing a list of the insured and a summary of the receipts and expenditures for the year.

E.(1) The committee shall be composed of twelve members elected as follows:

(a) One member elected by the members of each of the eight districts established by the Louisiana Assessors' Association. A board member shall be elected by the members of each district for a two-year term. A member of the committee shall be elected from the even-numbered districts in even-numbered years and from odd-numbered districts in odd-numbered years. Each district electing a member of the committee shall sign a letter to be mailed to the president of the association prior to December fifteenth indicating the district held an election and the name of the person elected to represent the district.

(b) Two members who shall be retired members of the Louisiana Assessors' Insurance Fund elected by ballot every two years by the retired members of the Louisiana Assessors' Insurance Fund.

(c) Two assessor employee representatives who are members of the Louisiana Assessors' Insurance Fund elected by ballot every two years by the employees who are members of the Louisiana Assessors' Insurance Fund.

(d) The term of each member shall begin on January first following the date of election.

(e) Nominations for representatives of retired persons and assessor employees shall be made by the committee.

(2) The initial election for each of the twelve committee members in Paragraph (1) of this Subsection shall be held in 2003. The members elected from even-numbered districts in 2003 shall serve three-year terms. Thereafter, elections shall be held as provided in this Subsection.

F. Vacancies on the committee shall be filled within sixty days in the same manner as the original members.

Acts 1958, No. 24, §1; Acts 1970, No. 72, §1; Acts 1990, No. 419, §1, eff. July 18, 1990; Acts 1992, No. 577, §1; H.C.R. No. 88, 1993 R.S., eff. May 30, 1993; H.C.R. No. 1, 1994 R.S., eff. May 1, 1994; Acts 2003, No. 443, §1, eff. June 20, 2003.

{{NOTE: See Acts 1990, No. 419, §2, for initial appointments of new members.}}