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1775
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MARVIN MANDEL, Governor
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[The State Self—Insurance Trust Fund is established
in the State Treasury.]
FOR THE PURPOSE OF A PROGRAM OF INSURANCE, THE STATE
INSURANCE TRUST FUND IS ESTABLISHED TO BE ADMINISTERED BY
THE STATE TREASURER.
29.
(a) The fund shall comprise the following moneys:
(b) All sums appropriated either as general funds
or special funds to the Treasurer or to any other State
agency in the annual State budget [for the purchase of
insurance or for] TO PROVIDE FOR self-insurance [of State
property in those cases listed in Section 25 of this
subtitle. These sums shall continue to be appropriated
in amounts not less than those amounts appropriated in
the 1973 fiscal year. The Treasurer and the State
Comptroller shall determine the manner of transfer of
these appropriations to the fund.];
[(c) Any other funds appropriated to the fund or
available to it. ]
(C) PREMIUMS ASSESSED BY THE TREASURER TO ANY
STATE AGENCY FOR INSURANCE PROTECTION THROUGH THIS FUND;
(D) PAYMENTS BY INSURANCE COMPANIES FOR LOSSES
COVERED BY PURCHASED INSURANCE; AND
(E) ANY PAYMENTS WHERE THE LOSS FOR SUCH PAYMENT
WAS THROUGH THE INSURANCE PROGRAMS SUCH AS FOR SALVAGE OR
OTHER RECOVERIES.
[The fund shall be used exclusively for the purpose
of paying for loss or damage to State property under the
provisions of Section 25 of this subtitle and shall not
be used for any other purpose.]
SELF-INSURANCE COVERING ANY LOSS, DAMAGE OR
LIABILITY BY THE STATE INSURANCE TRUST FUND SHALL BE
COMPLETE COVERAGE NOTWITHSTANDING THAT CERTAIN EXCEPTIONS
ARE CONTAINED IN STANDARD INSURANCE POLICIES COVERING
SIMILAR RISKS.
31.
Notwithstanding the provisions of this subtitle, the
first [one thousand dollars ($1,000)] $1,000 of value of
each loss, [or] damage, OR LIABILITY occurrence for any
State agency shall be payable from any appropriations
made to the agency in the annual State budget unless
reduced in amount by the State Treasurer upon
recommendation of the Secretary of Budget and Fiscal
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