Ch. 685                              1997 LAWS OF MARYLAND

THE FUND FOR THE PURPOSE OF REDUCING THE INSURANCE REGULATION FEE
IMPOSED BY THE MARYLAND INSURANCE ADMINISTRATION FOR THE FOLLOWING
FISCAL YEAR.

(II) IN ANY GIVEN FISCAL YEAR, IF THE AMOUNT OF THE
REVENUE COLLECTED BY THE COMMISSIONER UNDER THIS SUBTITLE AND
DEPOSITED INTO THE FUND IS INSUFFICIENT TO COVER THE EXPENDITURES OF THE
MARYLAND INSURANCE ADMINISTRATION BECAUSE OF AN UNFORSEEN
EMERGENCY AND EXPENDITURES ARE MADE PURSUANT TO THE BUDGET
AMENDMENT PROCEDURE PROVIDED FOR IN § 7-209 OF THE STATE FINANCE AND
PROCUREMENT ARTICLE, ANY ADDITIONAL ASSESSMENT FOR THE EXPENDITURES:

1. SHALL BE MADE IN THE FOLLOWING FISCAL YEAR; AND

2. WHEN ADDED TO THE REGULAR ASSESSMENT FOR THE
FOLLOWING FISCAL YEAR, MAY NOT EXCEED THE MAXIMUM PERCENTAGE FOR
THE INSURANCE REGULATION FEE UNDER § 41C OF THIS SUBTITLE.

(4) THE AMOUNT APPROPRIATED FOR THE OPERATION OF THE
INSURANCE FRAUD DIVISION:

(I) SHALL BE SEGREGATED FROM THE REMAINING MONEYS IN
THE FUND INTO A SEPARATE FRAUD DIVISION ACCOUNT;

(II) SHALL BE USED ONLY FOR THE OPERATION OF, THE FRAUD
DIVISION; AND

(III) MAY NOT BE TRANSFERRED TO FUND ANY OTHER
OPERATIONS OF THE MARYLAND INSURANCE ADMINISTRATION.

(D) (1) THE STATE TREASURER IS THE CUSTODIAN OF THE FUND.

(2) THE STATE TREASURER SHALL DEPOSIT PAYMENTS RECEIVED
FROM THE COMMISSIONER INTO THE FUND.

(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.

(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.

(3) THE STATE TREASURER SHALL DEPOSIT PAYMENTS RECEIVED
FROM THE COMMISSIONER INTO THE FUND.

41E.

(A) (1) ON OR BEFORE MARCH 1 OF EACH YEAR, EACH INSURER SUBJECT
TO THIS SUBTITLE SHALL FILE WITH THE COMMISSIONER A REPORT OF NEW AND
RENEWAL GROSS DIRECT WRITTEN PREMIUMS.

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