General assembly of north carolina

§ 58 2 215. Consumer Protection Fund.

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(c) Moneys appropriated by the General Assembly shall be deposited in the Fund and shall become a part of the continuation budget of the Department of Insurance. Such continuation budget amount shall equal the actual expenditures drawn from the Fund during the prior fiscal year plus the official inflation rate designated by the Director of the Budget in the preparation of the State Budget for each ensuing fiscal year; provided that if interest income on the Fund exceeds the amount yielded by the application of the official inflation rate, such continuation budget amount shall be the actual expenditures drawn from the Fund, except that the appropriation for the 1995 96 fiscal year shall not exceed the sum of seven hundred fifty thousand dollars ($750,000) and for the 1996 97 fiscal year shall not exceed the sum of two hundred fifty thousand dollars ($250,000). Fund. In the event the amount in the Fund exceeds two hundred fifty thousand dollars ($250,000) five hundred thousand dollars ($500,000) at the end of any fiscal year, beginning with the 1995 96 fiscal year, such excess shall revert to the General Fund.

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FUNDING OF BUILDING CODE REVIEWS FOR STATE BUILDINGS

SECTION 20.3. Section 7 of Session Law 2009 474 reads as rewritten:

"SECTION 7. The Department of Insurance shall transfer to the Department of Administration four building code review positions selected by the Department of Administration for the purpose of assisting the Department of Administration in administering G.S. 143 341(3) and G.S. 143 139(e). These positions shall be supported by the Insurance Regulatory Fund at one hundred percent (100%) of the full budgeted amount for each position from fiscal year 2009 2010 through fiscal year 2011 2012. Beginning fiscal year 2012 2013, the State Treasurer, as custodian of the State Property Fire Insurance Fund, shall support those positions out of the State Property Fire Insurance Fund.position."
DOI TO ASSESS VOLUNTEER SAFETY WORKERS COMPENSATION FUND

SECTION 20.4.(a) The Department of Insurance, from funds available to it, shall contract with an independent actuary to assess the Volunteer Safety Workers Compensation Fund. The assessment shall include the following components:

(1) Recommendations as to the level of funding required to ensure that the Fund can meet its financial obligations.

(2) The level and duration of funding required for the Fund to become self sufficient in the future.

(3) The nature of the claims paid by the Fund and any claims related trends that impact the health of the Fund.

(4) Recommendations as to the appropriate level of premiums to be paid by members or their departments.

(5) A projection of revenues to the Fund from sources other than State funding.

(6) A comparison of the projected timing and risk of the cash flow from investments with the cash flow needed to pay claims.

No later than October 1, 2012, the Department shall report the independent actuary's assessment and findings and also provide a comparison of the premiums paid into the Fund and premiums paid by municipal fire departments for their employees' workers compensation insurance to the Chairs of the House of Representatives and Senate Appropriations Committees, the Chairs of the House of Representatives and Senate Appropriations Subcommittees on General Government, and the Fiscal Research Division.