854                                     LAWS OF MARYLAND                              Ch. 403

ANNUAL STATE BUDGET.]]

[[33]] 30.

THE TREASURER IS RESPONSIBLE FOR THE PLACEMENT AND
ADMINISTRATION OF ALL INSURANCE ON STATE PROPERTY
REQUIRED TO BE PURCHASED BY FEDERAL LAWS OR
REGULATIONS, TRUST AGREEMENTS, OR BY ANY OTHER
COMMITMENT OF THE STATE, TO THE EXTENT THAT STATE
PLACEMENT AND ADMINISTRATION ARE PERMITTED OR
ALLOWED.

[[34]] 31.

IN CARRYING OUT HIS DUTIES UNDER THIS SUBTITLE, THE
TREASURER SHALL RECEIVE THE COOPERATION AND ASSISTANCE
OF THE STATE LAW DEPARTMENT, [[STATE FIRE MARSHAL,]] AND
THE DEPARTMENT OF GENERAL SERVICES. THE VALUATION OF
STATE PROPERTIES IN THE CASE OF LOSS OR DAMAGE SHALL BE
DETERMINED BY JOINT ACTION OF THE [[STATE FIRE MARSHAL
AND THE]] DEPARTMENT OF GENERAL SERVICES AND THE
AGENCY. OR DEPARTMENT HAVING. POSSESSION OF THE.
PROPERTY AT THE TIME AND SHALL BE CERTIFIED TO THE STATE
TREASURER. NO MONIES IN EXCESS OF THE CERTIFICATION MAY
BE PAID OUT OF THE FUND BY THE TREASURER.

[[35]] 32.

THE TREASURER SHALL ADOPT REGULATIONS NECESSARY TO
CARRY OUT HIS DUTIES UNDER THIS SUBTITLE, WHICH INCLUDE,
BUT ARE NOT LIMITED TO, POLICIES AND PROCEDURES FOR
ADJUSTING, APPROVING, AND PAYING LOSSES [[OR CLAIMS]],
AND FOR COLLECTING RECOVERIES ON LOSSES FROM PRIVATE
INSURERS. [[IN THE DISCRETION OF THE TREASURER, THE
REGULATIONS MAY PROVIDE FOR ADJUSTMENT OF LOSSES OR
CLAIMS BY PRIVATE ADJUSTERS OR BY THE STATE.]]

[[36]] 33.

(A)  THE TREASURER SHALL ISSUE AN ANNUAL REPORT ON THE
STATE SELF-INSURANCE FUND AND ITS ADMINISTRATION,
TOGETHER WITH ANY RECOMMENDATIONS FOR CHANGE IN THE
OPERATION OF THE FUND AND THE STATE INSURANCE PROGRAM.

(B)    THE FUND SHALL BE AUDITED BY THE LEGISLATIVE
AUDITOR IN THE MANNER REQUIRED BY SECTION 61B OF ARTICLE
40 OF THIS CODE, AS AMENDED FROM TIME TO TIME.

SECTION 2. AND BE IT FURTHER ENACTED, That the effective date of
the self-insurance required by Section 25 of Article 95 of the Annotated Code, as
enacted by Section 1 of this Act, shall be the date on which any purchased
insurance expires which was in effect on January 1, 1974, unless the Treasurer
determines for good reason that any purchased insurance in effect on January
1,1974 should be cancelled prior to its expiration date.

[[SECTION 3. AND BE IT FURTHER ENACTED, That, not later than two
years following the effective date of this Act, the State Treasurer shall submit to
the General Assembly a report containing recommendations for General Assembly
action with respect to the appropriations being transferred into the Self-Insurance