Alabama. State Insurance Fund

The State Insurance Fund was initially established in 1923 (Ala. Acts, 593, p. 769 [1923] and Ala. Code, 8539-8554 [1923]). Its purpose is to insure all state owned buildings, buildings in which the state has a financial interest, and property or equipment in such buildings.

The fund was originally administered by the State Board of Administration as the legal custodian of all physical property belonging to the state. Premiums were paid into the fund by the institutions, departments, and counties concerned. Premiums were set at sixty percent of the current commercial rate.

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