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Current as of January 01, 2025 | Updated by Findlaw Staff
(a) Deposits.--The following amounts shall be deposited into the fund:
(1) fifty percent of all licenses and fees collected, received or derived by the department each month;
(2) all funds and moneys collected, received or derived from all penalties, fines or settlements received by the department in fiscal year 2013-2014; and
(3) all augmentations and reimbursements made to the department by regulated entities as a result of financial and market regulation activities for which regulated entities are responsible for payment.
(b) Exclusion from deposit.--Moneys collected pursuant to 75 Pa.C.S. § 6506 (relating to surcharge) and deposited into the General Fund pursuant to section 1798-E of the act of April 9, 1929 (P.L. 343, No. 176), 1 known as The Fiscal Code, shall not be deposited into the fund.
(c) Annual appropriation.--The General Assembly shall annually appropriate moneys from the fund to the department, and the department may expend the appropriated moneys only for the purposes authorized under this act. The department shall annually submit a proposal for its expenditure of fund moneys for the succeeding fiscal year to the Secretary of the Budget at the time or times required by and in accordance with the act of April 9, 1929 (P.L. 177, No. 175), 2 known as The Administrative Code of 1929.
(d) Fiscal year 2013-2014.--If during the Commonwealth's fiscal year 2013-2014 the commissioner and the Secretary of the Budget determine that the cash balance and the current estimated receipts of the fund are insufficient at any time during that fiscal year to promptly meet the department's expenses payable from the fund, then the State Treasurer is hereby authorized and directed to transfer from the General Fund, Workers' Compensation Security Fund or Underground Storage Tank Indemnification Fund to the fund such moneys as the Governor shall from time to time direct. Moneys transferred from the General Fund, Workers' Compensation Security Fund or Underground Storage Tank Indemnification Fund to the fund shall be available during fiscal year 2013-2014 to be used for the purposes of the fund under this act upon their receipt in the fund. The fund shall reimburse the General Fund, Workers' Compensation Security Fund or Underground Storage Tank Indemnification Fund for any moneys transferred to the fund pursuant to this subsection by transferring to the General Fund, Workers' Compensation Security Fund or Underground Storage Tank Indemnification Fund an amount equal to that transferred from the General Fund, Workers' Compensation Security Fund or Underground Storage Tank Indemnification Fund during fiscal year 2013-2014 at such times as the Governor shall direct, but full reimbursement shall be made from the fund to the General Fund or Workers' Compensation Security Fund or Underground Storage Tank Indemnification Fund before June 15, 2014. The Secretary of the Budget shall notify the chairman and minority chairman of the Appropriations Committee of the Senate and the chairman and minority chairman of the Appropriations Committee of the House of Representatives of any transfers and reimbursements made pursuant to this subsection in writing within 15 days of the date on which they are made.
Cite this article: FindLaw.com - Pennsylvania Statutes Title 40 P.S. Insurance § 4304. Deposit of moneys to the fund and appropriation and expenditure of the fund - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-40-ps-insurance/pa-st-sect-40-4304/
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 before relying on it for your legal needs.
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