1504                            Laws of Maryland                      [Ch. 703

(1)    is a permanent plan which is adequately funded or for which
adequate funding is provided; and

(2)    extends, or will extend to the Maryland policyholders and
residents protection and benefits with respect to insolvent insurers
not substantially less favorable and effective to such policyholders
and residents than the protection and benefits provided with respect
to such kinds of insurance under this Act.

(b)    The Commissioner shall by the same such order authorize
discontinuance of future payments by insurers to the Maryland In-
surance Guaranty Association with respect to the same kinds of
insurance; provided, the assessments and payments shall continue,
as necessary, to liquidate covered claims of insurers adjudged insol-
vent prior to said order and the related expenses not covered by
such other plan.

(c)    In the event the operation of the Maryland Insurance Guar-
anty Association shall be so terminated as to all kinds of insurance
otherwise within its scope, the Association as soon as possible there-
after shall distribute the balance of moneys and assets remaining
(after discharge of the functions of the Association with respect to
prior insurer insolvencies not covered by such other plan, together
with related expenses) to the insurers which are then writing in
this state policies of the kinds of insurance covered by this Act and
which had made payments to the Association, prorata upon the basis
of the aggregate of such payments made by the respective insurers
during the period of five years next preceding the date of such order.
Upon completion of such distribution with respect to all of the kinds
of insurance covered by this Act, this Act shall be deemed to have
expired.

Sec 2. And be it further enacted, That Section 61 of Article
48A of the Annotated Code of Maryland (1968 Replacement Volume),
title "Insurance Code," subtitle "Insurers; Authorization and General
Requirements," be and is hereby repealed and re-enacted, with amend-
ments, to read as follows:

61. Retaliation.

(1) When by or pursuant to the laws of any other state or foreign
country any taxes, licenses and other fees, in the aggregate, and any
fines, penalties, deposit requirements or other material obligations,
prohibitions or restrictions are or would be imposed upon Maryland
insurers, or upon the agents or representatives of such insurers,
which are in excess of such taxes, licenses and other fees, in the
aggregate, or which are in excess of the fines, penalties, deposit re-
quirements or other obligations, prohibitions, or restrictions directly
imposed upon similar insurers, or upon the agents or representatives
of such insurers, of such other state or country under the statutes
of this State, so long as such laws of such other state or country
continue in force or are so applied, the same taxes, licenses and other
fees, in the aggregate, or fines, penalties or deposit requirements or
other material obligations, prohibitions, or restrictions of whatever
kind shall be imposed by the Commissioner upon the insurers, or
upon the agents or representatives of such insurers, of such other
state or country doing business or seeking to do business in Maryland.
Any tax, license or other fee or other obligation imposed by any
city, county, or other political subdivision or agency of such other