Sec. 8. (a) The department of insurance shall approve the actuarial soundness of the pension trust and the general method of operation of the police benefit fund before the police benefit fund begins operation.

     (b) In addition to the annual report required by subsection (d), the department’s books, reports, and accounts shall be open to inspection by the department of insurance at all times.

[Pre-2003 Recodification Citation: 10-1-2-7.]

As added by P.L.2-2003, SEC.3.