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PARRIS N. GLENDENING, Governor
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Ch. 317
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(F) AN INSURER MAY ELECT TO PAY ITS ENTIRE ANNUAL ASSESSMENT ON OR
BEFORE JULY 1.
2-505.
(a) There is an Insurance Regulation Fund that consists of;
(1) all revenue received through the imposition and collection of the
assessment fee under this subtitle;
(2) all revenue received through the imposition and collection of the fees
set forth in § 2-112 of this title;
(3) [all revenue received through the imposition and collection of the
fraud prevention fee under Title 6, Subtitle 2 of this article;
(4) all revenue received through the collection of examination expenses
under § 2-208 of this title;
(5)] except as provided in § 2-114(a) of this title, all other fees received
through the imposition and collection of fees set forth in this article; and
[(6)] (4) income from investments that the State Treasurer makes for
the Fund.
(b) The purpose of the Fund is to pay all the costs and expenses incurred by
the Administration that are related to its responsibilities to regulate the insurance
activities of all insurers that engage in the insurance business in this State.
(c) (1) All the costs and expenses of the Administration shall be included in
the State budget.
(2) Any expenditures from the Fund to cover costs and expenses of the
Administration may only be made:
(i) with an appropriation from the Fund approved by the General
Assembly in the annual State budget; or
(ii) by the budget amendment procedure provided for in § 7-209 of
the State Finance and Procurement Article.
(3) (i) If, in any given fiscal year, the amount of [the assessment fee]
revenue collected by the Commissioner [under this subtitle] and deposited into the
Fund exceeds 110 PERCENT OF the actual appropriations for the Administration, the
excess amount shall be carried forward within the Fund for the purpose of reducing
the assessment fee imposed by the Administration for the following fiscal year.
(3) (I) 1. SUBJECT TO SUB-SUBPARAGRAPH 2 OF THIS
SUBPARAGRAPH, IF, IN ANY FISCAL YEAR, THE AMOUNT OF REVENUE COLLECTED BY
THE COMMISSIONER AND DEPOSITED INTO THE FUND EXCEEDS 105% OF THE
ACTUAL APPROPRIATIONS FOR THE ADMINISTRATION, THE EXCESS AMOUNT SHALL
BE CARRIED FORWARD WITHIN THE FUND.
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- 2791 -
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