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Session Laws, 2002
Volume 800, Page 1546   View pdf image
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Ch. 153
2002 LAWS OF MARYLAND
14-504. (A) (1) THERE IS A MARYLAND HEALTH INSURANCE PLAN FUND. (2) THE FUND IS A SPECIAL NONLAPSING FUND THAT IS NOT SUBJECT
TO § 7-302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE. (3) THE TREASURER SHALL SEPARATELY HOLD AND THE COMPTROLLER
SHALL ACCOUNT FOR THE FUND. (4) THE FUND SHALL BE INVESTED AND REINVESTED AT THE
DIRECTION OF THE BOARD IN A MANNER THAT IS CONSISTENT WITH THE
REQUIREMENTS OF TITLE 5, SUBTITLE 6 OF THIS ARTICLE. (5) ANY INVESTMENT EARNINGS SHALL BE RETAINED TO THE CREDIT
OF THE FUND. (6) ON AN ANNUAL BASIS, THE FUND SHALL BE SUBJECT TO AUDIT BY
THE COMMISSIONER AT LEAST ONCE EVERY 3 YEARS AN INDEPENDENT ACTUARIAL
REVIEW SETTING FORTH AN OPINION RELATING TO RESERVES AND RELATED
ACTUARIAL ITEMS HELD IN SUPPORT OF POLICIES AND CONTRACTS, (7) THE FUND SHALL BE USED ONLY TO PROVIDE FUNDING FOR THE
PURPOSES AUTHORIZED UNDER THIS SUBTITLE. (B) THE FUND SHALL CONSIST OF: (1) PREMIUMS FOR COVERAGE THAT THE PLAN ISSUES; (2) PREMIUMS PAID BY ENROLLEES OF THE SENIOR PRESCRIPTION
DRUG PROGRAM; (3) A 1% ASSESSMENT ON THE GROSS ANNUAL REVENUE OF EACH
ACUTE CARE HOSPITAL IN THE STATE MONEY COLLECTED IN ACCORDANCE WITH §
19-219 OF THE HEALTH - GENERAL ARTICLE; (4) MONEY DEPOSITED BY A CARRIER IN ACCORDANCE WITH § 14- 514 §
14-513 OF THIS SUBTITLE; (5) INCOME FROM INVESTMENTS THAT THE BOARD MAKES OR
AUTHORIZES ON BEHALF OF THE FUND; (6) INTEREST ON DEPOSITS OR INVESTMENTS OF MONEY FROM THE
FUND; AND (7) MONEY COLLECTED BY THE BOARD AS A RESULT OF LEGAL OR
OTHER ACTIONS TAKEN BY THE BOARD ON BEHALF OF THE FUND. (C) THE BOARD SHALL TAKE STEPS NECESSARY TO ENSURE THAT PLAN
ENROLLMENT DOES NOT EXCEED THE NUMBER OF ENROLLEES THE PLAN HAS THE
FINANCIAL CAPACITY TO INSURE.
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Session Laws, 2002
Volume 800, Page 1546   View pdf image
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