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Maryland Code, State Finance and Procurement § 9-103

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) There is a State Insurance Program for providing and administering purchased insurance and self-insurance for the State, including:

(1) insurance on State property;

(2) insurance that federal law requires;

(3) insurance trust agreements; and

(4) insurance against other risk or commitment of the State.

(b)(1) There is a State Insurance Trust Fund.

(2) The Fund consists of:

(i) each General Fund and special fund appropriation in the State budget to the Treasurer or a unit of the State government for self-insurance;

(ii) each General Fund and special fund appropriation to the State Insurance Trust Fund for payment under Title 12, Subtitle 5 of the State Government Article;

(iii) each premium that a unit of the State government pays for protection under the Fund;

(iv) each payment for a loss under purchased insurance; and

(v) each payment from salvage or other recovery that results from a loss paid through the Program.

(3) The General Assembly intends that the State budget include sufficient General Fund appropriations to provide in the State Insurance Trust Fund a reserve that the Treasurer considers adequate to cover losses under § 9-105 of this title.

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Cite this article: FindLaw.com - Maryland Code, State Finance and Procurement § 9-103 - last updated January 01, 2025 | https://codes.findlaw.com/md/state-finance-and-procurement/md-code-state-fin-and-proc-sect-9-103/

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