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Insurance oversight fund returns vary by snapshot; department cites timing, reconciliation rules
Summary
Lawmakers questioned why projections for returns from the Insurance Regulation and Oversight Fund (IROF) to the general fund have dropped in some projections. The department said differences reflect timing and reconciliation rules under state law and that monthly fee receipts are concentrated in February–April.
During the hearing, Representatives Brown and Marcel asked why the amounts listed as returns from the Insurance Regulation and Oversight Fund (IROF) to the general fund differed across published budget documents. The department responded that the discrepancy is largely a timing issue: revenue flows are concentrated in a few months and different reports capture different snapshots.
Representative…
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