298                              Laws of Maryland                        [Ch. 73

(b)    An applicant whose application for insurance has been re-
jected may, within ten days after receipt of notice of the rejection,
appeal the decision of the Executive Director to a special board
composed of the Board of Trustees and the Commissioner of Insur-
ance. The special board may affirm, reverse, or modify the decision
of the Executive Director, upon the record, or may hold a hearing
upon not less than ten days written notice to the applicant and
thereafter affirm, reverse, or modify the decision of the Executive
Director.

(c)    The Fund may, at any time, cancel a policy written by it for
non payment of premiums. OR FOR SUSPENSION OR REVOCA-
TION OF THE DRIVING LICENSE OF THE POLICYHOLDER.

(d)    The Executive Director shall, upon rejection of an applica-
tion for insurance which has not been reversed or modified by the
special board in such a way as to require issuance of a policy, and
upon cancellation of a policy or termination of coverage as to any
insured, immediately notify the Motor Vehicle Administrator of
such action.

243E. Investment of Fund.

Whenever and as often as there is credited to the Fund any sum
not likely, in the opinion of the Executive Director, to be required
for immediate use, the Board of Public Works shall, upon request of
the Executive Director, invest the same in investments legal for
casualty insurance companies, as may be provided in Sections 97
through 107, inclusive, of this article, as amended from time to time.
When and as it may become necessary or expedient to use the
moneys so loaned or invested, the Board of Public Works shall, upon
request of the Executive Director, collect, sell, or otherwise realize
upon such loan or investment, and any interest accruing thereon, as
well as any interest received upon the deposit of moneys credited to
the Fund, and credit the same to the Fund.

243F. Settlement and Defense of Claims Against the Fund.

(a)    The Executive Director shall settle, compromise, or defend
claims against the Fund, and may, notwithstanding any other
provision of law, appoint and employ claims adjusters, attorneys, and
other personnel necessary therefor, either directly as employees, or
on a contract basis.

(b)    The Executive Director shall establish and maintain reason-
able and adequate reserves for the payment of claims against the
Fund. THE DIRECTOR SHALL USE THE SAME CRITERIA
AS IS REQUIRED FOR USE BY A PRIVATE INSURER IN
DETERMINING THE AMOUNT OF RESERVES NECESSARY.

243G. Claims Against Unsatisfied Claim and Judgment Fund;
Transitional Provisions.

(a) All claims against the Unsatisfied Claim and Judgment Fund
existing as of the close of business on December 81, 1972, shall be
transferred to and be deemed to be claims against the Fund. Any
claim arising prior to January 1, 1978, which could have been made
against the Unsatisfied Claim and Judgment Fund after January 1,
1978, but for the repeal of section 7-685 of this article, may be made
against the Fund to the extent that such a claim is not covered by a
policy of insurance. The provisions of Sections 7-606 through 7-629,