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Pennsylvania Statutes Title 40 P.S. Insurance § 4303. Purpose and use of fund

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

(a) Creation and purpose of fund.--To provide for the department's regulation, management, development and oversight of the Commonwealth's insurance industry, beginning July 1, 2013, and every fiscal year thereafter, the department's operating costs and expenses shall be paid from a special fund called the Insurance Regulation and Oversight Fund, which is hereby created in the State Treasury.

(b) Limitations on use.--Moneys in the fund shall not be used to pay the department's operating costs or expenditures when those costs and expenditures arise from actions, duties or functions that are payable from other dedicated sources of funding, including, but not limited to, the following:

(1) The rehabilitation and liquidation of insurance companies pursuant to Article V of the act of May 17, 1921 (P.L. 789, No. 285),  1 known as The Insurance Department Act of 1921.

(2) The Catastrophic Loss Benefits Continuation Fund under 75 Pa.C.S. § 1798.4 (relating to Catastrophic Loss Benefits Continuation Fund).

(3) The Underground Storage Tank Indemnification Fund under the act of July 6, 1989 (P.L. 169, No. 32),  2 known as the Storage Tank and Spill Prevention Act.

(4) The Workers’ Compensation Security Fund pursuant to the act of July 1, 1937 (P.L. 2532, No. 470),  3 known as the Workers' Compensation Security Fund Act.

(5) The Medical Care Availability and Reduction of Error Fund under the act of March 20, 2002 (P.L. 154, No. 13),  4 known as the Medical Care Availability and Reduction of Error (Mcare) Act.

(6) The Children's Health Insurance Program under the act of May 17, 1921 (P.L. 682, No. 284),  5 known as The Insurance Company Law of 1921.

1 40 P.S. § 221.1 et seq.
2 35 P.S. § 6021.101 et seq.
3 77 P.S. § 1051 et seq.
4 40 P.S. § 1303.101 et seq.
5 40 P.S. § 341 et seq.
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Cite this article: FindLaw.com - Pennsylvania Statutes Title 40 P.S. Insurance § 4303. Purpose and use of fund - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-40-ps-insurance/pa-st-sect-40-4303/

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