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Maryland Code, Insurance § 31-107.2

Current as of December 31, 2021 | Updated by FindLaw Staff

(a)(1) For State fiscal year 2015 and for each State fiscal year thereafter, from the funds received from the distribution of the premium tax under § 6-103.2 of this article, the Governor shall provide an appropriation in the State budget adequate to fully fund the operations of the Exchange.

(2)(i) For State fiscal year 2015, the appropriation shall be no less than $10,000,000.

(ii) For State fiscal year 2021, the appropriation shall be $31,500,000.

(iii) For each State fiscal year thereafter, the appropriation shall be not less than $35,000,000.

(b) Funds allocated from the premium tax under subsection (a) of this section to provide the appropriation to the Exchange may be used only for the purpose of funding the operation and administration of the Exchange.

(c) If, in any State fiscal year, the amount of the allocation from the premium tax is insufficient to meet the actual expenditures incurred for the operation and administration of the Exchange, the Governor may provide an additional appropriation by deficiency appropriation.

(d) Notwithstanding § 7-304 of the State Finance and Procurement Article, funds allocated to the Exchange under this section that remain unspent at the end of a fiscal year shall revert to the General Fund of the State.

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Cite this article: FindLaw.com - Maryland Code, Insurance § 31-107.2 - last updated December 31, 2021 | https://codes.findlaw.com/md/insurance/md-code-insurance-sect-31-107-2.html

Read this complete Maryland Code, Insurance § 31-107.2 on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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