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§ 326.6. Automobile Theft Prevention Trust Fund

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. InsuranceEffective: December 6, 2002

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 40 P.S. Insurance (Refs & Annos)
Chapter 1. Insurance Department (Refs & Annos)
Article XII. Automobile Theft Prevention Authority
Effective: December 6, 2002
40 P.S. § 326.6
§ 326.6. Automobile Theft Prevention Trust Fund
Currentness
(a) Creation.--A separate account in the State Treasury is hereby established to be known as the Automobile Theft Prevention Trust Fund. The fund shall be administered by the authority. All interest earned from the investment or deposit of moneys accumulated in the fund shall be deposited in trust in the fund.
(b) Funds.--All moneys deposited into the fund shall not be considered general revenue of this Commonwealth but shall be used only to effectuate the purposes of this article as determined by the authority and shall be subject to audit by the Auditor General.
(c) Assessment.--Annually on or before the first day of April, each insurer engaged in the writing of automobile insurance coverages, as a condition of its authorization to transact automobile insurance business in this Commonwealth, shall pay into the fund in trust an amount equal to the product obtained by multiplying $4,000,000 by a fraction, the numerator of which is the total private passenger and commercial automobile physical damage insurance premiums written in this Commonwealth by that insurer during the preceding calendar year and the denominator of which is the total private passenger and commercial automobile physical damage insurance premiums written in this Commonwealth by all insurers in the same period. Assessments made under this section shall not be considered burdens and prohibitions under section 212.1
(d) Base amount.--In succeeding years the authority may vary the base amount of $4,000,000, provided, however, that any increase which on an annual basis exceeds the increase in the Consumer Price Index for this Commonwealth must be approved by five of seven members of the board.
(e) Expenditures.--Moneys in the fund shall be expended by the authority for the following purposes:
(1) To effectuate the powers, duties and responsibilities of the authority as set forth in section 1205.2
(2) To provide financial support to law enforcement, correctional agencies and prosecutors for programs designed to reduce automobile theft and to improve the administration of automobile theft laws.
(3) To provide financial support for other governmental agencies, community, consumer and business organizations for programs designed to reduce automobile theft and to improve the administration of automobile theft laws.
(4) To provide financial support to programs designed to inform owners of automobiles about the costs of automobile theft to individuals and to society and to suggest methods for preventing automobile theft.
(5) To provide financial support for reward programs leading to the arrest and conviction of persons and organizations engaged in automobile theft.
(6) To provide financial support for other plans, programs and strategies consistent with the purposes of this article.
(f) Dissolution.--In the event that the trust fund is discontinued or the authority is dissolved by operation of law, any balance remaining in the fund, after deducting administrative costs for liquidation, shall be returned to insurers in proportion to their financial contributions to the fund in the preceding calendar year.

Credits

1921, May 17, P.L. 789, art. XII, § 1206, added 2002, Dec. 6, P.L. 1183, No. 147, § 2, imd. effective.

Footnotes

1
40 P.S. § 50.
2
40 P.S. § 326.5.
40 P.S. § 326.6, PA ST 40 P.S. § 326.6
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document