University of Hawaii risk management special fund

(a) There is established the University of Hawaii risk management special fund. The following may be deposited into the special fund: (1) Appropriations by the legislature; (2) Assessments for risk management costs as applicable against any funds of the university; (3) Moneys received from the settlement of claims or losses of the university that are not contractually or otherwise obligated for other purposes; and (4) Moneys received pursuant to an insurance policy. (b) Notwithstanding any other law to the contrary, the university may transfer funds at its disposal into the special fund to be expended for the purposes provided herein. (c) Revenues deposited into the special fund may be expended by the university for costs and expenses associated with the administration and operation of the risk management program, including but not limited to insurance premiums, retention payments, claims administration and operation, settlements, payment of judgments, other obligations, and legal fees and costs. (d) The board of regents shall develop internal policies and procedures for the management of risk at the university that are consistent with the goals of public accountability.