§ 305. Office; Insurance Commissioner Regulatory Revolving Fund.
308 words·~1 min read·
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(a)The Department may operate 3 offices, the principal office in the Dover area and branch offices in Wilmington and Sussex County.
(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.
(1)All of the following must be collected by the Commissioner pursuant to this title and deposited in the State Treasury to the credit of said 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:
a. Supervisory assessments.
b. Examination fees.
c. Rate filing and form filing fees paid by insurers.
d. Fifteen percent of all licensing fees of insurance professionals collected pursuant to § 701(23) through (31),
(35)through (37),
(41)and
(42)of this title.
(2)Except as otherwise provided by law, other fees and taxes collected by the Commissioner may not be deposited in said Fund but shall be deposited in the General Fund of the State.
(d)Funds in the Insurance Commissioner Regulatory Revolving Fund shall be used by the Commissioner in the performance of the various functions and duties involved in the oversight of insurance companies as provided by law, subject to annual appropriations by the General Assembly for salaries and other operating expenses of the office.
(e)The maximum unencumbered balance which shall remain in the Insurance Commissioner Regulatory Revolving Fund at the end of any fiscal year is $5,000,000. At the end of each fiscal year, the unencumbered balance in the Insurance Commissioner Regulatory Revolving Fund in excess of $5,000,000 must be transferred to the General Fund.