(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the “State Insurance Department Trust Fund”.
(b)
(1) The fund shall consist of those special revenues specified in § 19-6-301(172), with the exception of § 19-6-301(172)(B), grants, refunds, gifts, and any remaining funds of the Arkansas Earthquake Authority as provided in § 23-102-119 and examination of insurers' payments as set out in §§ 23-61-201 — 23-61-206.
(2) The fund shall be used:
(A) To defray the expenses of the State Insurance Department in the discharge of its administrative and regulatory powers and duties as prescribed by law and as set out in the State Insurance Department Trust Fund Act, § 23-61-701 et seq.;
(B) To defray the administrative expenses and losses incurred by the Arkansas Comprehensive Health Insurance Pool of the Comprehensive Health Insurance Pool Act, § 23-79-501 et seq., or its successor; and
(C) To fund capital expenditures and training for fire departments certified by the Division of Emergency Management.
(c) Annually by June 30, one million five hundred thousand dollars ($1,500,000) shall be transferred from the State Insurance Department Trust Fund to the State Central Services Fund for the use of the Revenue Division of the Department of Finance Administration for expenses related to the online insurance verification system established under the Arkansas Online Insurance Verification System Act, § 27-22-201 et seq., and other related costs.