AI-assisted research summary: The board of trustees runs the pool and fund, must select and seat the initial regular board within 15 days after the plan is completed, and certain board members and employees must post a bond.
Sec. 119.005. BOARD OF TRUSTEES. (a) The board of trustees shall govern, administer, and operate the pool and the fund. (b) Within 15 days after the date the plan is completed by the temporary board, the initial regular board must be selected and take office as provided by the plan. A person serving on the board who is a county officer or employee performs board duties as additional duties of the person's original office or employment. A member or employee of the board is not liable with respect to any claims for which coverage is provided by the pool or brought against any county covered by the pool. (c) Each member and each employee of the board who has authority over money in the fund or over money collected or invested by the pool must execute a bond in an amount determined by the board, payable to the pool, and conditioned that the person will faithfully perform the person's duties. The cost of the bond shall be paid by the pool. (d) The board shall determine premium rates and coverage limits to ensure that the pool and the fund are actuarially sound. (e) The board may purchase reinsurance for any risks covered by the pool. (f) The board may employ a fund manager and other persons necessary to carry out this chapter and the plan. The board may employ or contract with insurance carriers or other persons for underwriting, accounting, claims, and other services. (g) The board may adopt any rules, exercise any powers, and enter into any contracts necessary to carry out this chapter and the plan. Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.