67-5775. RISK MANAGEMENT GUIDELINES. In determining need for, form and amount of, procuring and administering insurance coverages, the director of the department of administration shall give due consideration to:
(1) omission of insurance policy coverage as to property and risks as to which insurance and claim administration costs may be disproportionately great in reference to the amount of risk;
(2) ultimate economies possible through use of reasonable deductions;
(3) use of comprehensive coverages and blanket coverages insuring property and risks of two (2) or more offices, departments, divisions, boards, commissions, institutions and agencies;
(4) reliability of and service provided by insurers to be selected as insurance carriers, as well as financial condition and competitive premium rate;
(5) means through which risks may be improved with ultimate savings to the state through reduction in insurance losses and costs.
History:
[(67-5775) I.C., sec. 67-5755, as added by 1974, ch. 252, sec. 4, p. 1647; I.C., sec. 67-5756, as corrected by 1975, ch. 195, sec. 3, p. 540; am. and redeig. 1980, ch. 106, sec. 24, p. 241; am. 1993, ch. 221, sec. 17, p. 756.]