§ 33-28-120 — Captive Insurance Regulatory And Supervision Account

33-28-120 . Captive insurance regulatory and supervision account. (1) There is an account in the state special revenue fund called the captive insurance regulatory and supervision account, which may be referred to as the captive account.
(2) The purpose of the captive account is to provide the financial means for the commissioner to administer this chapter and for reimbursement of reasonable expenses incurred in promoting captive insurance in this state.
(3) (a) Twenty percent of the premium tax collected under 33-28-201 and all fees and assessments received by the commissioner pursuant to the administration of this chapter must be deposited in the captive account.
(b) All fines and administrative penalties collected pursuant to this chapter must be deposited in the general fund.
(4) All payments from the captive account for the maintenance of staff and associated expenses, including necessary contractual services, may only be disbursed from the state treasury upon warrants issued by the commissioner, after receipt by the commissioner of proper documentation regarding services rendered and expenses incurred.
(5) At the end of each fiscal year, the balance in the captive account must be transferred to the general fund.

Legislative History

En. Sec. 2, Ch. 518, L. 2007; amd. Sec. 15, Ch. 6, Sp. L. November 2017; amd. Sec. 1, Ch. 420, L. 2021.