§ 27-2-39 — Creation of Insurance Department Fund; Payment of Fees, Etc

Alabama § 27-2-39

• Jurisdiction: Alabama
• Title 27: Insurance
• Ch. 2: Department and Commissioner of Insurance
• Art. 1: General Provisions

Text

(a) There is created a fund in the State Treasury designated the Insurance Department Fund to be used for the operation of the Department of Insurance. Receipts deposited into this fund shall be disbursed only by warrants of the state Comptroller drawn upon the State Treasury on itemized vouchers approved by the Commissioner of Insurance. No funds shall be withdrawn or expended except as budgeted and allotted according to Sections 41-4-80 to 41-4-96, inclusive, and 41-19-1 to 41-19-12, inclusive, and only in amounts as stipulated in the general appropriations act, other appropriation acts, or this section. At the end of each fiscal year, any unencumbered and unexpended balance of up to 25 percent of the amount appropriated for that fiscal year shall not revert to the State General Fund under Section 41-4-93, but shall carry over to the next fiscal year.
(b) Notwithstanding any other provision of law, the Commissioner of Insurance shall promptly pay all sums, fees, taxes, licenses, renewals, and other miscellaneous charges collected pursuant to Sections 27-2-16, 27-3-29, 27-4-2, 27-13-5, 27-13-24, 27-13-62, 27-21A-21, 27-34-6, 27-34-36, 27-34-47, and 27-39-6, other than those fines, penalties, and deposit requirements collected pursuant to Section 27-3-29, into the State Treasury with 50 percent credited to the Insurance Department Fund; one million five hundred thousand dollars ($1,500,000) credited each fiscal year to the Center for Risk and Insurance Research Fund; and the remainder credited to the State General Fund.

Legislative History

(Acts 1996, No. 96-692, p. 1161, §§1, 2; Act 98-613, p. 1351, §1; Act 2022-148, §2.)