Item 285 | First Year - FY2021 | Second Year - FY2022 |
|---|---|---|
| Investment, Trust, and Insurance Services (72500) | $35,119,708 | $35,503,798 |
| Debt Management (72501) | FY2021 $1,155,836 | FY2022 $1,155,836 |
| Insurance Services (72502) | FY2021 $29,454,666 | FY2022 $29,829,666 |
| Banking and Investment Services (72503) | FY2021 $4,509,206 | FY2022 $4,518,296 |
| Fund Sources: | ||
| General | FY2021 $3,814,032 | FY2022 $3,823,122 |
| Special | FY2021 $126,365 | FY2022 $126,365 |
| Commonwealth Transportation | FY2021 $185,187 | FY2022 $185,187 |
| Trust and Agency | FY2021 $30,994,124 | FY2022 $31,369,124 |
Authority: Title 2.2, Chapter 18, Code of Virginia.
A. The Department of the Treasury shall take into account the claims experience of each agency and institution when setting premiums for the general liability program.
B. Coverage provided by the VARISK plan for constitutional officers shall be extended to any action filed against a constitutional officer or appointee of a constitutional officer before the Equal Employment Opportunity Commission or the Virginia State Bar.
C. Notwithstanding the provisions of § 33.2-1919 and § 33.2-1927, Code of Virginia, the Northern Virginia Transportation Commission and the Potomac Rappahannock Transportation Commission are authorized to obtain liability policies for the Commissions' joint project, the Virginia Railway Express, consisting of liability insurance and a program of self-insurance maintained by the Commissions and administered by the Department of the Treasury's Division of Risk Management or by an independent third party selected by the Commissions, which liability policies shall be deemed to meet the requirements of § 8.01-195.3, Code of Virginia. In addition, the Director of the Department of Rail and Public Transportation is authorized to work with the Northern Virginia Transportation Commission and the Potomac Rappahannock Transportation Commission to obtain the foregoing liability policies for the Commissions. In obtaining liability policies, the Director of the Department of Rail and Public Transportation shall advise the Commissions regarding compliance with all applicable public procurement and administrative guidelines.
D. By January 15 of each year the Department of the Treasury shall report to the chairmen of the House Appropriations and Senate Finance Committees, in a unified report mutually agreeable to them, summarizing changes in required debt service payments from the general fund as the result of any refinancing, refunding, or issuance actions taken or expected to be taken by the Commonwealth within the next twelve months.
E. The Virginia Public School Authority shall transfer to the Department of the Treasury each year an amount necessary to recover the direct cost incurred by the department in the administration of the Virginia Public School Authority programs.
F. Notwithstanding § 2.2-1836 of the Code of Virginia, the Department of the Treasury is authorized to continue the data breach coverage under the Property Plan for state agencies.
G. The Department of the Treasury shall provide to the State Compensation Board the premiums, by local constitutional office and individual regional jail, required to fund the Constitutional Officer and Regional Jail Fund of the State Insurance Reserve Trust Fund. The premiums provided to the Department of the Treasury by the actuary shall be calculated using factors such claims experience by local constitutional office and individual regional jail, each local constitutional office and individual regional jail's total number of positions, and local and regional jail average daily populations.
H. Notwithstanding §2.2-1836, Code of Virginia the Department of the Treasury, Division of Risk Management is authorized to initiate Cyber coverage for state agencies under the Property Plan after July 1, 2020. On or before July 1, 2021, the Department of the Treasury shall provide a report to the Secretary of Finance summarizing the program, loss experiences, and future recommendations including program structure and funding.
I. Notwithstanding any contrary provision of law, financial institutions governed by the provisions of Chapter 13 of Title 6.2 of the Code of Virginia, or Chapter 14 of Title 12 of the U.S. Code, may engage in a pilot program authorizing the acceptance of public deposits under guidelines to be established by the Department of the Treasury. The State Treasurer shall report to the Secretary of Finance on the results of the pilot program by December 1, 2021.