Home Table of Contents

§ 4303. Purpose and use of fund

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. InsuranceEffective: July 2, 2013

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 40 P.S. Insurance (Refs & Annos)
Chapter 43. Insurance Regulation and Oversight Fund Act
Effective: July 2, 2013
40 P.S. § 4303
§ 4303. Purpose and use of fund
Currentness
(a) Creation and purpose of fund.--To provide for the department's regulation, management, development and oversight of the Commonwealth's insurance industry, beginning July 1, 2013, and every fiscal year thereafter, the department's operating costs and expenses shall be paid from a special fund called the Insurance Regulation and Oversight Fund, which is hereby created in the State Treasury.
(b) Limitations on use.--Moneys in the fund shall not be used to pay the department's operating costs or expenditures when those costs and expenditures arise from actions, duties or functions that are payable from other dedicated sources of funding, including, but not limited to, the following:
(1) The rehabilitation and liquidation of insurance companies pursuant to Article V of the act of May 17, 1921 (P.L. 789, No. 285),1 known as The Insurance Department Act of 1921.
(2) The Catastrophic Loss Benefits Continuation Fund under 75 Pa.C.S. § 1798.4 (relating to Catastrophic Loss Benefits Continuation Fund).
(3) The Underground Storage Tank Indemnification Fund under the act of July 6, 1989 (P.L. 169, No. 32),2 known as the Storage Tank and Spill Prevention Act.
(4) The Workers’ Compensation Security Fund pursuant to the act of July 1, 1937 (P.L. 2532, No. 470),3 known as the Workers' Compensation Security Fund Act.
(5) The Medical Care Availability and Reduction of Error Fund under the act of March 20, 2002 (P.L. 154, No. 13),4 known as the Medical Care Availability and Reduction of Error (Mcare) Act.
(6) The Children's Health Insurance Program under the act of May 17, 1921 (P.L. 682, No. 284),5 known as The Insurance Company Law of 1921.

Credits

2013, July 2, P.L. 255, No. 46, § 3, imd. effective.

Footnotes

1
40 P.S. § 221.1 et seq.
2
35 P.S. § 6021.101 et seq.
3
77 P.S. § 1051 et seq.
4
40 P.S. § 1303.101 et seq.
5
40 P.S. § 341 et seq.
40 P.S. § 4303, PA ST 40 P.S. § 4303
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document