HOUSE BILL NO. 99
AS AMENDED BY HOUSE AMENDMENT NO. I
AN ACT TO AMEND CHAPTER 3, TITLE 18, DELAWARE CODE. ESTABLISHING A REGULATORY REVOLVING FUND FOR THE REVENUES AND EXPENSES OF THE OFFICE OF THE INSURANCE COMMISSION; AND TO TRANSFER FUNDS FROM THE BUDGET OFFICE CONTINGENCY (ID 02-004) (SELF INSURANCE FUND) TO THE OFFICE OF THE INSURANCE COMMISSIONER (12-03-001) (CONTRACTUAL SERVICES) FOR THE PURPOSE OF PROVIDING START UP FUNDS FOR THE REGULATORY REVOLVING FUND.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section I. Amend §308, Chapter 3, Title 18, Delaware Code, by striking the section in Its entirety and substituting in lieu thereof the following:
"§308. Office; expenses; account of receipts; Regulatory Revolving Fund.
(a) The Department shall operate 2 offices, the principal office in Dover and a branch office in Wilmington.
(b) There is hereby created within the Office of the Insurance Commissioner a Special Fund to be designated as the Insurance Commissioner Regulatory Revolving Fund which shall be used In the operation of the Office of the State Insurance Commissioner in the performance of the various functions and duties required of the Office by law.
(c) All supervisory assessments, examination feet and any rate filing or from filing fees paid by Insurers and collected by the Commissioner pursuant to this Title shall be deposited in the State Treasury to the credit of said State Insurance Commissioner Regulatory Revolving Fund to be used in the operation of the office as authorized by the General Assembly in its annual operating budget, All other fees and/or taxes collected by the Commissioner shall not be deposited in said fund but shall be deposited In the General fund of the State,
(d) Funds In the State insurance Commissioner Regulatory Revolving Fund shall be used by the Commissioner in the performance of his various functions and duties involved in the oversight of insurance companies as provided by law, subject to annual appropriations by the Genera) Assembly for salaries and other operating expenses of the office.
(e) The maximum unencumbered balance which shall remain in the State Insurance Commissioner Regulatory Revolving Fund at the end of any fiscal years shall be $70.000, and any amount in excess thereof shall cause the Insurance Commissioner to reduce assessments or fees collected in the next Fiscal Year by an amount sufficient to reduce the Regulatory Revolving Fund fiscal year end balance back to or below $70,000."
Section 2. The budget Director and the Controller General are hereby authorized and directed to transfer the sum of $70,000 from the Budget Office Contingency (10 02 004) (Self insurance Fund) to the Office of the Insurance Commissioner (Contractual Services). Such sum shall not be utilized in computing the unencumbered balance as set forth in Section 1 of this Act. Such sum ($70,000) is to be repaid by the office of the Insurance Commissioner to the Budget Office Self Insurance Contingency fund on or before June 30, 1986.
Approved April 12, 1985.