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§ 2-112.3. Health Care Regulatory Fund

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 2. Maryland Insurance Administration
Subtitle 1. Organization of Administration; General Powers and Duties of Commissioner (Refs & Annos)
MD Code, Insurance, § 2-112.3
§ 2-112.3. Health Care Regulatory Fund
Fund defined
(a) In this section, “Fund” means the Health Care Regulatory Fund.
In general
(b) There is a Health Care Regulatory Fund.
Purpose of Fund
(c) The purpose of the Fund is to pay all costs and expenses incurred by the Administration related to the implementation of § 2-303.1 of this title and Title 15, Subtitles 10A, 10B, and 10C of this article.
Contents of Fund
(d) The Fund shall consist of:
(1) all revenue deposited into the Fund that is received through the imposition and collection of the health care regulatory assessment under § 2-112.2 of this subtitle; and
(2) income from investments that the State Treasurer makes for the Fund.
Expenditures from Fund
(e)(1) Expenditures from the Fund to cover the costs and expenses for the implementation of § 2-303.1 of this title and Title 15, Subtitles 10A, 10B, and 10C of this article may only be made:
(i) with an appropriation from the Fund approved by the General Assembly in the annual State budget; or
(ii) by the budget amendment procedure provided for in § 7-209 of the State Finance and Procurement Article.
(2)(i) If, in any given fiscal year, the amount of the health care regulatory assessment revenue collected by the Commissioner and deposited into the Fund exceeds the actual expenditures incurred by the Administration for the implementation of § 2-303.1 of this title and Title 15, Subtitles 10A, 10B, and 10C of this article, the excess amount shall be carried forward within the Fund for the purpose of reducing the assessment imposed by the Administration for the following fiscal year.
(ii) If, in any given fiscal year, the amount of the health care regulatory assessment revenue collected by the Commissioner and deposited into the Fund is insufficient to cover the actual expenditures incurred by the Administration to implement § 2-303.1 of this title and Title 15, Subtitles 10A, 10B, and 10C of this article because of an unforeseen emergency and expenditures are made in accordance with the budget amendment procedure provided for in § 7-209 of the State Finance and Procurement Article, an additional health care regulatory assessment may be made.
Custodian of Fund
(f)(1) The State Treasurer is the custodian of the Fund.
(2) The Fund shall be invested and reinvested in the same manner as State funds.
(3) The State Treasurer shall deposit payments received from the Commissioner into the Fund.
Nature of Fund
(g)(1) The Fund is a continuing, nonlapsing fund and is not subject to § 7-302 of the State Finance and Procurement Article, and may not be deemed a part of the General Fund of the State.
(2) No part of the Fund may revert or be credited to:
(i) the General Fund of the State; or
(ii) a special fund of the State, unless otherwise provided by law.

Credits

Added by Acts 1998, c. 111, § 2, eff. June 1, 1999; Acts 1998, c. 112, § 2, eff. June 1, 1998. Amended by Acts 1999, c. 120, § 1, eff. Oct. 1, 1999.
MD Code, Insurance, § 2-112.3, MD INSURANCE § 2-112.3
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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