1566                               LAWS OF MARYLAND                        [CH. 912

(10) "Policyholder claim" means a claim of a policyholder or as-
sured within the coverage of the policy, arising out of a motor
vehicle accident wherein such person suffered damage under the
coverage of the policy or where such person has paid an injured
party claim, subject to allowance of such policyholder claim in a
proceeding under Sections 132 through 164A, inclusive, of this article.

(b)

(1)  There is hereby created a fund to be known as "the motor
vehicle liability security fund" for the purpose of securing the benefits
under policies on account of claims, from motor vehicle accidents.
Such fund shall be used in the payment of allowed claims of injured
parties and policyholders under said insurance policies, remaining un-
paid, in whole or in part, by reason of the insolvency or inability of the
insurer to meet its insurance obligations subsequent to January 1,
1962, where the insurer has made payments to the fund as required
by sub-section (c). No payment from the fund on such an allowed
claim shall in any case be in excess of the limit of liability provided
for in the insurance policy issued by such insurer.

(2)  Such fund shall consist of all payments made to the fund by
insurers and of securities acquired by and through the use of
moneys belonging to the fund, together with interest and accretions
earned upon such payments or investments. The fund shall be ad-
ministered separately by the commissioner in accordance with the
provisions of this section.

(c)

(1)  Every insurer shall, on or before November 15, 1965, file with
the State Comptroller and with the commissioner identical returns,
under oath, on a form to be prescribed and furnished by the com-
missioner stating the amount of net direct written premiums charged
during the months of July, August and September preceding, as de-
fined in sub-section (a) (6) of this section. On or before February
15, 1966, and continuing consecutively thereafter, on or before the
fifteenth day of May, August, November and February of each year,
each such insurer shall file, quarterly, similar identical returns as
to such premiums charged by such insurer during the quarter year
ending on the last day of the second month preceding that in which
the report is required to be filed.

(2)   For the privilege of issuing policies insuring against legal
liability arising out of the ownership, operation or maintenance of
motor vehicles which are principally garaged in this state, and in
addition to all other requirements of law, every insurer shall pay
into the fund on or before November 15, 1965, ¼ of 1% of its net
direct written premiums as shown by the return hereinbefore re-
quired for the three months ending September 30, 1965, and there-
after each such insurer during the three years immediately following
November 15, 1965, upon filing each quarterly return as hereinbefore
required, shall pay ¼ of 1% of its net direct written premiums as
shown for the period covered by such return into the fund; and for
such privilege, every foreign or alien insurer subject to the provisions
of this section shall be deemed to have consented to the adjudication
of all claims secured by this section in a proceeding under Sections
132 through 164A of this article, sub-title "Rehabilitation and Liqui-
dation".