(a) The Commissioner of Insurance shall establish and support the Center for Risk and Insurance Research, or its successor, connected with a state university in this state to carry out research, education, and outreach regarding risk management and insurance issues.
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Terms Used In Alabama Code 27-2-40

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
(b) There is created the Center for Risk and Insurance Research Fund in the State Treasury to be used to fund the center. No funds shall be withdrawn or expended except as budgeted and allotted according to Sections 41-4-80 to 41-4-96, inclusive, and 41-19-1 to 41-19-12, inclusive, and only in amounts as appropriated in the general appropriations act or other appropriation acts to the Department of Insurance for the operation of the center.
(c) The Commissioner of Insurance may transfer to the state university described in subsection (a) up to the amount appropriated from the Center for Risk and Insurance Research Fund each fiscal year to be used for the operation of the center.
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