Current with changes from the 2024 Legislative Session
Section 9-103 - Program and Fund established(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.