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§ 9-103. Program and Fund established

MD State Fin & Pro Code § 9-103 (2019) (N/A)
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(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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§ 9-102. Findings; statement of purpose
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§ 9-104. General powers and duties of Treasurer