Sec. 76.8. Payments to group accident and sickness insurance fund

(a) The premiums required to insure covered employees for any calendar month or biweekly payroll period shall be due and payable to the fund on the last day of the calendar month or biweekly payroll period, as the case may be.

(b) The comptroller or the chief fiscal officer of the participating employer, as the case may be, shall pay to the fund the premium deducted from the salary or wages of covered employees.

(c) Each payment by an employer shall be accompanied by an accounting thereof to be set forth on an appropriate from prescribed by the president.

(d) Premiums due from employees eligible for coverage for whom deductions pursuant to subdivision (a) of this section cannot be made shall be made directly to the fund by each employee monthly.

(e) No monies in the fund, other than the sums received therefor from the employer, shall be committed, encumbered or advanced to pay for the coverage of the employees of such employer.