Marvin Mandel, Governor                          1429

(6) It specifies the following:

(i) the date the insurance begins and ends;

(ii) the kinds of insurance provided;

(iii) the amount of each kind of insurance provided;

(iv) the premium charged for each kind of insurance provided;

(v) that the insurance provided is in accordance with and sub-
ject to all the provisions of this subtitle;

(vi) that the liability of the insurance carrier shall become abso-
lute whenever loss or damage included in the policy occurs, and the
satisfaction by the insured person of a final judgment for the loss or
damage shall not be a condition precedent to the right or obligation
of the carrier to make payment on account of the loss or damage;

Provided that no suit shall be brought against the insurance car-
rier until 30 days after the entry of a final judgment against the
insured person for the loss or damage.

(d)    A policy of insurance offered as proof of financial respon-
sibility under this subtitle may:

(1)    Exclude insurance against any liability of the person insured
assumed by or imposed upon him under any Workmen's Compensa-
tion Law;

(2)    Exclude insurance against any liability for damage or de-
struction of property being transported by the person insured or by
the officers, agents, servants, or employees of the person where the
property is being transported in interstate commerce;

(3)    Exclude insurance against any liability for damage or de-
struction of property being transported by the person insured or by
the officers, agents, servants, or employees of the person, in commer-
cial motor vehicles for hire where the property is being transported
in intrastate commerce;

(4) Grant any lawful insurance in excess of that required in this
subtitle;

(5)    Contain any agreement, provision, or stipulation not in con-
flict with or contrary to the provisions required in this subtitle and
not otherwise contrary to law;

(6)    Provide that any person insured by the policy shall reim-
burse the insurance carrier for payment made by the carrier on
account of any loss, damage, claim, or lawsuit involving a breach of
the terms, provisions or conditions of the policy;

(7)    Provide for the pro-rating of the insurance thereunder with
other applicable valid and collectible insurance.

(e)    The insurance carrier may settle any claim covered by a
policy of insurance offered as proof of financial responsibility under
this subtitle. If the settlement be made in good faith, the amount
thereof shall be deducted from the limits of insurance specified in the
policy of insurance. If the policy shall provide insurance in excess of
the amount specified in this subtitle, the insurance carrier may plead