MARVIN MANDEL, Governor                         597

which will liquidate its unfunded liability as so determined in a
period equal to nineteen years reduced by the number of years for
which payments were made prior to July 1, 1960. On the basis of
the actuarial valuation as of June 30, 1969, the unfunded accrued
liability of each participating municipal corporation outstanding as
of that date phis the additional accrued liability resulting from the
amendments effective July 1, 1969, shall be determined; and on and
after July 1, 1969, the annual accrued liability contribution of each
participating municipal corporation shall be the flat annual payment
which will liquidate its total unfunded accrued liability as so deter-
mined in a period of thirty years from July 1, 1969. The accrued
liability contribution for any municipal corporation hereafter par-
ticipating shall be set on a basis to liquidate its unfunded accrued
liability in a period of [nineteen] thirty years. Any participating
municipal corporation may with the consent of the Board of Trus-
tees liquidate its unfunded accrued liability in a shorter period than
thirty years.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1969.

Approved April 23, 1969.

CHAPTER 172
(House Bill 842)

AN ACT to add new Sections 478A to 478-I, inclusive, to Article 48A
of the Annotated Code of Maryland (1968 Replacement Volume),
title "Insurance Code," to follow immediately after Section 478
thereof, and to be under the new subtitle "Maryland Property In-
surance Availability Act," to make essential property insurance
available to all qualified applicants; to enable insurers to become
eligible for federal reinsurance; to provide for a Maryland Insur-
ance Development Fund; to authorize the creation of the Joint
Insurance Association for providing such insurance coverage, and
relating generally to the plan of operation and to such coverages
of insurance.

Section 1. Be it enacted by the General Assembly of Maryland,
That new Sections 478A to 478-I, inclusive, be and they are hereby
added to Article 48A of the Annotated Code of Maryland (1968 Re-
placement Volume), title "Insurance Code," to follow immediately
after Section 478 thereof, to be under the new subtitle "Maryland
Property Insurance Availability Act," and to read as follows:

Maryland Property Insurance Availability Act

478A.

PURPOSES

The purposes of this subtitle are:

(1) To authorize and establish a program which would make
Essential Property Insurance available to all qualified applicants,
with the least possible administrative detail and expense, subject
to the conditions hereinafter stated.