NC S702

State Treasurer is authorized to purchase commercial liability insurance covering all risks and potential liabilities for the Treasurer's office, boards, board members, employees, and agents, including investment-related risks.

Board members and employees of boards in the Department of State Treasurer are classified as State employees under Articles 31 and 31A of Chapter 143 of the General Statutes.

When State Treasurer purchases commercial liability insurance exceeding $150,000 per claim, G.S. 143-299.4 shall not apply; when purchasing any commercial liability insurance, G.S. 143-300.6(a) shall not apply.

Purchase of insurance does not waive sovereign immunity, other available defenses, or alter limitations on claims and payments established in G.S. 143-299.2, and does not limit the State's right to provide defense as specified in G.S. 143-300.3.

Effective upon enactment on June 24, 2011.