Ch. 35

1997 LAWS OF MARYLAND

(8) THE POWERS OF THE SUBSCRIBERS' ADVISORY COMMITTEE;

(9) THE NAME AND TERM OF OFFICE OF EACH MEMBER OF THE
SUBSCRIBERS' ADVISORY COMMITTEE;

(10) A STATEMENT THAT, AFTER DEDUCTING ANY SUM PAYABLE TO THE
ATTORNEY IN FACT, ALL MONEY PAID TO THE RECIPROCAL INSURER SHALL BE
HELD IN THE NAME OF THE RECIPROCAL INSURER FOR THE PURPOSES STATED IN
THE SUBSCRIBERS' AGREEMENT;

(11) A COPY OF THE SUBSCRIBERS' AGREEMENT;

(12) A STATEMENT THAT:

(I) EACH ORIGINAL SUBSCRIBER HAS APPLIED IN GOOD FAITH
FOR INSURANCE OF A KIND IN WHICH THE RECIPROCAL INSURER INTENDS TO
ENGAGE; AND

(II) THE RECIPROCAL INSURER HAS RECEIVED FROM EACH
ORIGINAL SUBSCRIBER THE FULL PREMIUM OR PREMIUM DEPOSIT REQUIRED FOR
THE POLICY APPLIED FOR, FOR A TERM OF NOT LESS THAN 6 MONTHS, AT A RATE
THAT HAS BEEN FILED WITH AND APPROVED AS ADEQUATE BY THE
COMMISSIONER;

(13) A STATEMENT OF THE FINANCIAL CONDITION OF THE RECIPROCAL
INSURER, A SCHEDULE OF ITS ASSETS, AND A STATEMENT THAT THE SURPLUS
REQUIRED BY § 3-203 OF THIS SUBTITLE IS AVAILABLE; AND

(14) A COPY OF EACH POLICY, ENDORSEMENT, AND APPLICATION FORM
THAT THE RECIPROCAL INSURER PROPOSES TO ISSUE OR USE.

(C) FEE.

WHEN APPLYING FOR A CERTIFICATE OF AUTHORITY, THE PROPOSED
ATTORNEY IN FACT SHALL PAY TO THE COMMISSIONER THE APPLICABLE FEE
REQUIRED BY § 2-112 OF THIS ARTICLE.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 283.

Throughout subsection (b) of this section, the references to a "reciprocal"
insurer are added for specificity.

In subsection (b)(4) of this section, the former reference to a "power of
attorney" is deleted as unnecessary in light of the reference to the
"appointment of the Commissioner as agent for service of process". This
conforms to other similar provisions elsewhere in this article. See, e.g., § 4-107
of this article.

In subsection (b)(6) of this section, the former word "designation" is deleted
as implicit in the word "appointment".

- 782 -