In the event the payment required under section 203-D is not made by December 1, 2017, the provisions of Subchapter C of Chapter 7 of the Mcare Act shall expire on December 1, 2017. In that event, the following shall apply:
(1) The joint underwriting association shall be abolished and the money in the possession or control of the joint underwriting association shall be transferred to the commissioner who shall deposit it in a special account within the department to be used and administered by the department in the same manner as the joint underwriting association was authorized or required to use and administer it prior to the expiration of Subchapter C of Chapter 7 of the Mcare Act.(2) Notwithstanding paragraph (1), the commissioner shall transfer $200,000,000 of the money received under paragraph (1) to the State Treasurer for deposit into the General Fund as soon as practicable after receipt. Thereafter, the commissioner shall annually transfer from the special account established under paragraph (1) to the General Fund any money the commissioner determines is in excess of the money needed to administer the funds as required under Subchapter C of Chapter 7 of the Mcare Act.Added by P.L. TBD 2017 No. 44, § 1.3, eff. 10/30/2017.