(a) There is a State Insurance Program for providing and administering purchased insurance and self-insurance for the State, including: (1) insurance on State property; (2) insurance that federal law requires; (3) insurance trust agreements; and (4) insurance against other risk or commitment of the State. (b) (1) There is a State Insurance Trust Fund. (2) The Fund consists of: (i) each General Fund and special fund appropriation in the State budget to the Treasurer or a unit of the State government for self-insurance; (ii) each General Fund and special fund appropriation to the State Insurance Trust Fund for payment under Title 12, Subtitle 5 of the State Government Article; (iii) each premium that a unit of the State government pays for protection under the Fund; (iv) each payment for a loss under purchased insurance; and (v) each payment from salvage or other recovery that results from a loss paid through the Program. (3) The General Assembly intends that the State budget include sufficient General Fund appropriations to provide in the State Insurance Trust Fund a reserve that the Treasurer considers adequate to cover losses under § 9-105 of this title.
Maryland Legal Code