Marvin Mandel, Governor                          1503

(f) The board of directors shall, at the conclusion of any insurer
insolvency proceedings in which the Association was obligated to pay
covered claims, prepare a report on the history and causes of such
insolvency, based on the information available to the Association,
and submit such report to the Commissioner.

514. Examination of the Association.

The Association shall be subject to examination and regulation by
the Commissioner. The board of directors shall submit, not later
than March SO of each year, a financial report for the preceding
calendar year in a form approved by the Commissioner.

515.    Tax Exemption.

The Association shall be exempt from payment of all fees and all
taxes levied by this state or any of its subdivisions except taxes
levied on real or personal property.

516.    Recognition of Assessments in Rates.

The rates and premiums charged for insurance policies to which
this Act applies shall include amounts sufficient to recoup over a
reasonable length of time which shall not be less than three years,
a sum equal to the amounts paid to the Association by the member
insurer less any amounts returned to the member insurer by the
Association and such rates shall not be deemed excessive because
they contain an amount reasonably calculated to recoup assessments
paid by the member insurer.

517.    Immunity.

There shall be no liability on the part of and no cause of action of
any nature shall arise against any member insurer, the Association or
its agents or employees, the board of directors, or the Commissioner
or his representatives for any action taken by them in the per-
formance of their powers and duties under this Act.

518.    Stay of Proceedings; Reopening of Default Judgments.

All proceedings in which the insolvent insurer is a party or is
obligated to defend a party in any court in this state shall be stayed
for 60 days from the date the insolvency is determined to permit
proper defense by the Association of all pending causes of action.
Any covered claims arising from a judgment under any decision,
verdict or finding based on the default, of the insolvent insurer or
its failure to defend an insured, the Association either on its own
behalf or on behalf of such insured may apply to have such judgment,
order, decision, verdict or finding set aside by the same court or
administrator that made such judgment, order, decision, verdict or
finding and shall be permitted to defend against such claim on the
merits.

519.    Termination; Distribution of Funds.

(a) The Commissioner shall by order terminate the operation of
the Maryland Insurance Guaranty Association as to any kind of
insurance covered by this Act with respect to which he has found,
after hearing, that there is in effect a statutory or voluntary plan
which: