§ 2-505. Insurance Regulation Fund
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 2-505
§ 2-505. Insurance Regulation Fund
(a) There is an Insurance Regulation Fund that consists of:
(b) The purpose of the Fund is to pay all the costs and expenses incurred by the Administration that are related to its responsibilities to regulate the insurance activities of all insurers that engage in the insurance business in this State.
(c)(1) All the costs and expenses of the Administration shall be included in the State budget.
(ii) If, in any given fiscal year, the amount of revenue collected by the Commissioner and deposited into the Fund is insufficient to cover the expenditures of the Administration 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 assessment for the expenditures may be made.
(e)(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.
Credits
Added by Acts 1998, c. 774, § 3, eff. April 1, 1999. Amended by Acts 2002, c. 317, § 2, eff. July 1, 2002.
MD Code, Insurance, § 2-505, MD INSURANCE § 2-505
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document |