(a) There is a State Insurance Program for providing and administering purchased insurance and self-insurance for the State, including:
(1) insurance on State property;
(2) insurance that federal law requires;
(3) insurance trust agreements; and
(4) insurance against other risk or commitment of the State.
State Insurance Trust Fund
(b)(1) There is a State Insurance Trust Fund.
(2) The Fund consists of:
(i) each General Fund and special fund appropriation in the State budget to the Treasurer or a unit of the State government for self-insurance;
(ii) each General Fund and special fund appropriation to the State Insurance Trust Fund for payment under Title 12, Subtitle 5 of the State Government Article;
(iii) each premium that a unit of the State government pays for protection under the Fund;
(iv) each payment for a loss under purchased insurance; and
(v) each payment from salvage or other recovery that results from a loss paid through the Program.
(3) The General Assembly intends that the State budget include sufficient General Fund appropriations to provide in the State Insurance Trust Fund a reserve that the Treasurer considers adequate to cover losses under § 9-105 of this title.
Credits
Added by Acts 1985, c. 11, § 2, eff. Oct. 1, 1985. Amended by Acts 1989, c. 506.
Formerly Art. 95, §§ 26, 28, 29, 32.
MD Code, State Finance and Procurement, § 9-103, MD STATE FIN & PROC § 9-103
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
