(a) Notwithstanding Section 27-2-39, the Commissioner of Insurance shall transfer from the Insurance Department Fund to the Strengthen Alabama Homes Fund any amount remaining in the Insurance Department Fund on September 30, 2022, which exceeds 25 percent of the amount appropriated for the Insurance Department Fund for the fiscal year ending September 30, 2022.

Terms Used In Alabama Code 27-31E-4

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • year: means a calendar year; but, whenever the word "year" is used in reference to any appropriations for the payment of money out of the treasury, it shall mean fiscal year. See Alabama Code 1-1-1
(b) The Commissioner of Insurance may transfer to the Strengthen Alabama Homes Fund from the Insurance Department Fund up to 50 percent of the amount appropriated to the Insurance Department Fund each fiscal year.
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