J. MILLARD TAWES, Governor                     1567

(d)  The commissioner shall annually, on or before the first day of
March, ascertain and determine the net value of the fund as of the
next preceding December thirty-first. The net value of the fund shall
be determined by deducting from the value of the assets of the fund,
ascertained in accordance with the provisions of this section, the
aggregate actual and estimated liabilities of the fund as determined
by the commissioner. When the net value of the fund, as thus de-
termined, reaches the sum of Two and one-half million dollars ($2,-
500,000), no further contributions to said fund shall be required to
be made. Whenever, thereafter, the amount of the fund shall be
reduced below the aforesaid amount, by reason of payments from
and known and estimated liabilities of the fund, then contributions
to the fund shall be resumed and shall continue until the fund, over
and above its known and estimated liabilities, shall reach the afore-
said defined amount.

(e)  The commissioner may adopt, amend and enforce all reason-
able rules and regulations necessary for the proper administration
of the fund. In the event any insurer shall fail to file any return or
make any payment required by this section, or in case the commis-
sioner shall have cause to believe that any return or other statement
filed is false or inaccurate in any particular, or that any payment
made is incorrect, he shall have full authority to examine all the
books and records of the insurer for the purpose of ascertaining the
facts and shall determine the correct amount to be paid and may
proceed in any court of competent jurisdiction to recover for the
benefit of the fund any sums shown to be due upon such examina-
tion and determination. Any insurer which fails to make any state-
ment as required by this section, or to make any payment to the
fund when due, shall thereby forfeit to said fund a penalty of five
per centum of the amount determined to be due as provided by this
section plus one per centum of such amount for each month of delay,
or fraction thereof, after the expiration of the first month of such
delay but the commissioner, if satisfied that the delay was excusable,
may remit all or any part of such penalty. The commissioner, in his
discretion, may revoke the certificate of authority to do business in
this state of any foreign insurer which shall fail to comply with
this section or to pay any penalty imposed in accordance with this
section.

(f)   The fund created by this section shall be separate and apart
from any other fund and from all other state moneys, and the faith
and credit of the State of Maryland is pledged for their safekeeping.
The State Comptroller TREASURER shall be the custodian of the
fund; and all disbursements from the fund shall be made by the Comp-
troller TREASURER upon vouchers signed by the commissioner or
his deputy, as hereinafter provided. The moneys of said fund may
be invested by the Comptroller TREASURER only in bonds of the
United States or of this state. The Comptroller TREASURER may
sell any of the securities in which the fund is invested, if advis-
able, for its proper administration or in the best interests of such fund.

(g)   Any assured under such a policy of insurance who pays, in
whole or in part, any injured party claim which is eligible for pay-
ment in whole or in part, from the fund, shall thereupon be sub-
rogated to the rights of such injured party against the fund but in
no event in excess of the amount of such subrogee's claim as allowed