Delaware Code Title 18 Sec. 305 – Office; Insurance Commissioner Regulatory Revolving Fund
(a) The Department may operate 3 offices, the principal office in the Dover area and branch offices in Wilmington and Sussex County.
Terms Used In Delaware Code Title 18 Sec. 305
- 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.
- Oversight: Committee review of the activities of a Federal agency or program.
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(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 fees and any rate filing or form 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 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 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 effective as of June 30, 2005; shall be $1,400,000; 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 $1,400,000.
18 Del. C. 1953, § ?308; 56 Del. Laws, c. 380, § ?1; 60 Del. Laws, c. 283, § ?1; 65 Del. Laws, c. 4, § ?1; 70 Del. Laws, c. 185, § ?1; 70 Del. Laws, c. 186, § ?1; 73 Del. Laws, c. 74, § ?99; 74 Del. Laws, c. 68, § ?77; 75 Del. Laws, c. 89, § ?116; 81 Del. Laws, c. 109, § 1;