A. The Insurance Commissioner may solicit, accept and authorize the use of any grant made to the Insurance Department as long as the terms of the grant are carried out and the Insurance Commissioner holds the funds in trust for the purposes of carrying out the terms of the grant.
B. The Insurance Commissioner must annually account to the State Auditor and Inspector for all monies or property received or extended by virtue of this section. The account shall state:
1. The source of the monies or property received with the actual date of its receipt;
2. The particular use or place for which it was expended; and
3. The balance on hand showing the place of deposit of the unexpended balance.
Added by Laws 2009, c. 294, § 10, eff. July 1, 2009.