Arizona Laws 20-1098.18. Captive insurance regulatory and supervision fund; purpose
A. The captive insurance regulatory and supervision fund is established within the department consisting of monies deposited pursuant to Section 20-1098.01, subsection J. The director shall administer the fund as prescribed in subsections B and C of this section. Monies in the fund are exempt from the provisions of section 35-190 relating to lapsing of appropriations, except that, on the close of each fiscal year, all unencumbered monies in the fund exceeding two hundred thousand dollars revert to the state general fund.
Terms Used In Arizona Laws 20-1098.18
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- department: means the department of insurance and financial institutions. See Arizona Laws 20-101
- 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.
B. In addition to the purposes specified in subsection C of this section, the director may use up to one hundred thousand dollars in the captive insurance regulatory and supervision fund each fiscal year to administer programs in accordance with the department’s other statutory responsibilities.
C. The director shall use monies in the captive insurance regulatory and supervision fund to pay the costs of administering this article and for reasonable expenses incurred in promoting this state’s captive insurance industry, pursuant to written guidelines adopted by the director.
D. The department shall not receive a general fund appropriation for operation of the captive insurance program and promotion of this state’s captive insurance industry for any fiscal year in which the department had at least twenty-five captive insurers holding an active certificate of authority as of the immediately preceding calendar year end.