[Adopted 10-17-1988]
A. 
After investigation, research and study, the Plainville Insurance Commission has recommended to the Town Council that it is in the best interest of the Town to establish a Self-Insurance Trust Fund. The Self-Insurance Trust Fund is for the purpose of funding uninsurable liabilities, deductibles, and such other liabilities as from time to time the Town Council decides that it is in the best interest of the Town not to contract for insurance coverages.
B. 
The further purpose economically of the Self-Insurance Trust Fund is to make adequate provisions for payment of losses of and claims against the Town, using the insurance contracts and the Self-Insurance Trust Fund.
A. 
The funds and monies held within the Self-Insurance Trust Fund shall be by action and authority of the Town Council and shall be from the following sources:
(1) 
Dividend returns on existing or prior years' policies;
(2) 
Credits generated by any Town insurance policy;
(3) 
Reimbursement of insurance claims;
(4) 
Interest earned from investment of trust funds; and
(5) 
Appropriations by the Town Council from unappropriated general fund balance.
B. 
The Town Council shall maintain in said Trust Fund a minimum balance of $250,000. Should at any time the balance be reduced below said figure by payment of a claim or claims authorized by this article, then the Town Council shall appropriate funds from the unappropriated general fund balance to said trust fund in a timely fashion to replenish said $250,000.
C. 
Such trust fund shall be allowed to increase up to the amount of $3,000,000. Thereafter, any funds under this article shall revert to the general fund of the Town.
The following types of payments shall be made from the Self-Insurance Trust Fund:
A. 
Claims for benefits and/or settlements provided for under § 7-433c of the Connecticut General Statutes, commonly known as the "Police Heart and Hypertension Statute." Such payments of settlements shall only be subsequent to approval of the settlements by the Town Council.
B. 
Payment of deductibles on policies of the Town as contracted for by the Plainville Insurance Commission. At no time shall the payment of any one deductible exceed the current insurance deductibles unless approved by the Town Council.[1]
[1]
Editor's Note: Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. II).
C. 
Payment of retrospective rating liabilities under workers' compensation policies contracted for by the Plainville Insurance Commission. At no time shall the payment of any retrospective rating exceed the current insurance deductibles unless approved by the Town Council.[2]
[2]
Editor's Note: Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. II).
D. 
Payment of any claim, settlement, judgement or award not covered by an existing insurance policy. These types of payment shall only be made after approval by the Town Council where such approval is required.
A. 
The Self-Insurance Trust Fund shall be administered (as to investments and accounting) by the Director of Finance under the general direction and supervision of the Town Manager, subject only to limitations imposed by the Town Charter and statutes as relating to the Town Treasurer and Town Attorney.
B. 
The Plainville Insurance Commission shall have the authority to interact with the Town Manager and the Town Council in setting policies, goals and aims of the Self-Insurance Trust Fund.
C. 
The Plainville Insurance Commission shall implement programs to establish a database as to losses paid from the fund to assist in projecting the funding of the Self-Insurance Trust Fund.