Board

537.730. Board — duties — rulemaking authority — subpoena power — prohibited activities. — 1. The general administration of, and responsibility for, the proper operation of the fund, including all decisions relating to payments from the fund, are hereby vested in the board of trustees.

2. The board shall determine and prescribe all rules, regulations, coverages to be offered, forms and rates to carry out the purposes of sections 537.700 to 537.755.

3. The board shall have the power to subpoena witnesses or obtain the production of records when necessary for the performance of its duties.

4. Subject to the provisions of the constitution and sections 537.700 to 537.755, the board shall have exclusive jurisdiction and control over the funds and property of the fund.

5. No trustee or staff member of the fund shall receive any gain or profit from any moneys or transactions of the fund.

6. Any trustee or staff member accepting any gratuity or compensation for the purpose of influencing his action with respect to the investment of the funds of the system or in the operations of the fund shall forfeit his office and in addition shall be subject to the penalties prescribed in section 576.020.

7. The board shall have the authority to use moneys from the fund to purchase one or more policies of insurance or reinsurance to cover the liabilities of participating public entities which are covered by the fund.

8. If such insurance can be procured, the board shall have the authority to procure insurance covering participating public entities and their officers and employees for amounts in excess of the amount specified by section 537.756 per occurrence for liabilities covered by the fund. The costs of such insurance shall be considered in determining the contribution of each public entity.

9. The board shall have the authority to use moneys from the fund to assist participating entities in assessing and reducing the risk of liabilities which may be covered by the fund.