§ 19-602. Insurance pools by public entities authorized

Latest version.

   (a) "Public entity" defined. -- In this section, "public entity" means:

   (1) a political subdivision of the State;

   (2) a unit of the State or a local government; or

   (3) a nonprofit or nonstock corporation that:

      (i) receives 50% or more of its annual operating budget from the State or a local government; and

      (ii) is exempt from taxation under § 501(c)(3) or (4) of the Internal Revenue Code.

(b) In general. -- Public entities may pool together to purchase casualty insurance, property insurance, or health insurance or to self-insure against casualty, property, or health risks.

HISTORY: An. Code 1957, art. 48A, § 482B; 1996, ch. 11.

                    
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