The Secretary of Administration shall secure insurance coverage for the benefit of the State and its employees while performing official duties, in fire and casualty companies authorized to do business in this State in such amounts and such coverages as deemed for the best interests of the State. Insurance policies covering the State shall provide that loss, if any, shall be payable to the State. All policies shall be filed and kept in the office of the Secretary of Administration. The cost of all insurance purchased and the cost of managing such purchases shall be borne by the department or board for whose benefit it is purchased. (Added 1959, No. 328 (Adj. Sess.), § 14; amended 1985, No. 242 (Adj. Sess.), § 306; 1995, No. 148 (Adj. Sess.), § 4(a), eff. May 6, 1996; 2013, No. 50, § E.101.)