2006 Minnesota Statutes

60F.05 FUND MANAGEMENT.
Funds collected from the participants under joint self-insurance plans must be held in trust
subject to the following requirements:
(a) A board of trustees elected by the participants shall serve as fund managers on behalf
of participants. Trustees must be plan participants. No participants may be represented by more
than one trustee. A minimum of three and a maximum of seven trustees may be elected. Trustees
shall receive no remuneration, but they may be reimbursed for actual and reasonable expenses
incurred in connection with duties as trustees.
(b) Trustees must be bonded in an amount not less than $100,000 nor more than $500,000
from a licensed bonding company.
(c) Investment of plan funds is subject to the same restrictions as are applicable to political
subdivisions pursuant to section 118A.04. All investments must be managed by a bank or other
investment organization licensed to operate in Minnesota.
(d) Trustees, on behalf of the fund, shall file annual reports with the commissioner of
commerce within 30 days immediately following the end of each calendar year. The reports must
summarize the financial condition of the fund, itemize collection from participants, and detail
all fund expenditures.
History: 1987 c 337 s 38; 1996 c 399 art 2 s 12