Item 261 | First Year - FY2025 | Second Year - FY2026 |
|---|---|---|
| Investment, Trust, and Insurance Services (72500) | $68,012,631 | $65,425,113 |
| Debt Management (72501) | FY2025 $5,193,546 | FY2026 $1,393,546 |
| Insurance Services (72502) | FY2025 $57,759,448 | FY2026 $58,770,720 |
| Banking and Investment Services (72503) | FY2025 $5,059,637 | FY2026 $5,260,847 |
| Fund Sources: | ||
| General | FY2025 $7,798,672 | FY2026 $4,099,277 |
| Special | FY2025 $126,365 | FY2026 $126,365 |
| Commonwealth Transportation | FY2025 $185,187 | FY2026 $185,187 |
| Trust and Agency | FY2025 $59,852,407 | FY2026 $60,964,284 |
| Dedicated Special Revenue | FY2025 $50,000 | FY2026 $50,000 |
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. The Virginia Public School Authority shall transfer to the Department of the Treasury each year an amount necessary to recover the direct and indirect costs incurred by the department in the administration of the Virginia Public School Authority programs.
E. 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 as 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.
F. 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.
G. The Department of the Treasury, in consultation with the the Department of Taxation, is directed to review surplus lines insurance policies procured by state agencies and authorities and submit a report to the Chairs of the House Appropriations Committee and the Senate Finance and Appropriations Committee. The review shall estimate the benefit from exempting state agencies and authorities from being charged the insurance premium license tax by licensed surplus line brokers on insurance policies procured.
H. Included in the appropriation for this item is a total amount not to exceed $3,800,000 the first year from the general fund to be utilized towards loan payoffs of water and wastewater infrastructure debt incurred by the Town of Craigsville. The Department of Treasury is directed to utilize funds from the appropriation in this paragraph to directly pay lenders of the Town through which water and sewer infrastructure was financed.