In an effort to reward proactive loss control practices by State entities, the Risk Management Division has created a contribution discount program that can result in a savings in the entity's required contribution to the Risk Management Fund of up to 15%. Tort liability risks associated with all State and agency operations are paid through the Fund.
Contributions to the Fund are determined by an actuarial review of the financial status of the Fund and of the loss history of the covered State entities. Through the Fund Contribution Discount Program, the entities that can document established proactive loss control practices may realize substantial savings.
If the entity does not qualify for the entire discount at the time of its first application, it may seek increased discounts up to the full percentage as its loss control practices evolve. Contributions will be billed on an annual basis. Applications to establish a discount or to request an increased discount must be received by the Risk Management Division by June 30th of each year so that it may be reviewed prior to the next billing cycle.