§2197.__Rules

The Board of Insurance Fraud may adopt rules to carry out the purposes of this subchapter.__Rules adopted pursuant to this section are routine technical rules pursuant to Title 5, chapter 375, subchapter 2-A.

Sec. 4. Initial funding and appointments for Bureau of Insurance, Insurance Fraud Unit.

1. Initial funding. The Superintendent of Insurance shall transfer all funds held by the Bureau of Insurance that are not encumbered in the fiscal year in which this Act becomes effective to the Insurance Fraud Fund established in the Maine Revised Statutes, Title 24-A, section 2196, subsection 2. Within 30 days of its first meeting, the Board of Insurance Fraud established in Title 5, section 12004-G, subsection 21-C shall adopt rules pursuant to Title 24-A, section 2197 to assess the fee required by Title 24-A, section 2196, subsection 1, which must be assessed on every applicable insurance policy entered into after the effective date of this Act. The Board of Insurance Fraud may borrow money and issue evidences of indebtedness to finance the expenses associated with the formation of the Bureau of Insurance, Insurance Fraud Unit, established under Title 24-A, section 2191, pursuant to Title 24-A, section 2192, subsection 3, paragraph H, and to provide for the security and payment of those evidences of indebtedness and for the rights of the holders of them, except that any borrowing pursuant to that provision may not exceed in the aggregate principal amount outstanding at any time 30% of the start-up expenses associated with the Bureau of Insurance, Insurance Fraud Unit, and except that no borrowing may be effected pursuant to this section unless the amount of the borrowing is submitted to the legislative Office of Fiscal and