1. There is hereby created a trust fund designated "insurance regulatory trust fund". The following amounts must be deposited in the insurance regulatory trust fund: a. All sums received under section 18-13-03. b. All sums received under section 26.1-01-07. c. All sums received under section 26.1 -01-07.2 from the insurance regulatory trust fund investments. d. All retaliatory fees imposed upon persons by the insurance department as authorized by law. e. All administrative penalties, fines, and fees collected by the commissioner from any person subject to this title. f. Any other amounts provided by legislative appropriation. 2. The moneys so received and deposited in the insurance regulatory trust fund are reserved for use by the insurance department to defray the expenses of the department in the discharge of its administrative and regulatory powers and duties as prescribed by law subject to the applicable laws relating to the appropriations of state funds and to the deposit and expenditure of state moneys. The insurance department is responsible for the proper expenditure of these moneys as provided by law. 3. Except as otherwise provided by law, after the fiscal year has been closed and all expenses relating to the fiscal year have been accounted for, the office of management and budget shall transfer any fund balance remaining in the insurance regulatory trust fund that exceeds one million dollars to the general fund.
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