Current through Register Vol. XLI, No. 38, September 20, 2024
Section 115-7-5 - Fund Administration5.1. The director may employ or contract for personal, professional or consulting services regarding the administration, operation and defense of the fund and for services necessary or advisable to implement the authority and discharge the responsibilities imposed on the board by the act, including, but not by way of limitation: 5.1.a. Retaining the services of a qualified, competent, independent consulting actuary to advise and consult with the agency on all aspects of the fund's administration, operation, and defense which require application of actuarial science and to perform and submit an annual actuarial study;5.1.b. Employing or contracting with legal counsel to advise and represent the agency and represent the fund in matters relating to the operation of the fund or payment from the fund. Legal counsel may assist in the investigation of the claim for compensation and whether all applicable insurance in the underlying action has been exhausted;5.1.c. Retaining the services of a qualified independent auditor to conduct an annual audit of the fund. The annual audit may be conducted as part of the annual fiscal year-end audit of the other programs administered by the agency; and5.1.d. Retaining the services of qualified experts in the fields of accounting, economics, medicine, life care planning, or other field or fields relevant to one or more claims.5.2. The agency may establish a reasonable contingency reserve for unexpected contingencies, consistent with generally accepted accounting principles.