MARVIN MANDEL, Governor                          601

of retention of such losses as shall be provided for by the Commis-
sioner; provided, however, that the amount of such payments or reim-
bursement in any one year shall in no event exceed five percent of the
aggregate property insurance premiums earned in this State in the
most recent full calendar year on those lines of insurance reinsured
by the Secretary. The fund shall consist of all monies appropriated
to the fund, of securities acquired by and through the use of monies
belonging to the fund, together with interest and accretions earned
thereon. INCLUDED IN THE FUND ALSO SHALL BE ANY
MONIES APPROPRIATED FOR THIS PURPOSE FROM THE
ISSUE AND SALE OF CERTIFICATES OF INDEBTEDNESS

BY THE STATE, INCLUDING CHAPTER ................ (S. B. 624)

OF THE ACTS OF 1969 OR OTHER LAW FOR THE ISSUE AND
SALE OF SUCH CERTIFICATES OF INDEBTEDNESS. The
fund created by this section shall be deposited with the State
Treasurer to be held in such banks as he deems proper and
shall be accounted for by the State Comptroller in a special account
known as the "Maryland Insurance Development Fund."

(2)    The fund shall receive such appropriations as shall be pro-
vided in the budget. In no event shall this appropriation be less than
the amount required in order for Maryland property insurance cover-
ages to qualify under the Urban Property Protection and Reinsurance
Act of 1968 or other such act. However, in no event shall such
appropriation exceed five percent of the aggregate property insur-
ance premiums earned in this State in the most recent full calendar
year on those lines of insurance reinsured by the Secretary.

(3)    At the termination of the federal reinsurance program, any
unused or unexpended funds and all accumulations and accretions
thereto shall revert to the General Funds of the State.

(4)    The provisions of this Section shall be retroactive to August
1,1968.

COMMISSIONER

478F.

(1)    The Commissioner shall have the right to review the opera-
tions of the Association. The Commissioner or any person designated
by him, shall have the power of visitation of and examination into the
operations and free access to all the books, records, files, papers, and
documents that relate to operations of the Association, and may sum-
mon, qualify and examine as witnesses all persons having knowledge
of such operations including officers, agents or employees thereof.
The reports and communications of the Inspection Bureau, the As-
sociation, and the records of the Governing Committee shall not
be considered public documents.

(2)    The Commissioner may require such reports from insurers
concerning risks insured under any program approved pursuant to
this subtitle as he shall deem necessary.

(3)    In addition to any powers conferred upon him by this or
any other law, the Commissioner is authorized to do all things neces-