294                               Laws of Maryland                        [Ch. 73

a registration license year FOR THE FIRST REGISTRATION
LICENSE YEAR ONLY, COMMENCING AFTER THE EFFEC-
TIVE DATE OF THIS ACT, EVERY PERSON REGISTERING A
MOTOR VEHICLE IN THIS STATE shall pay at the time of reg-
istration, in addition to any other fee prescribed by any other law,
a fee of one dollar fifty cents ($1.50), which fees shall be deposited
with the Treasurer for the account of the Fund.

(c)    On or before March 31, in each year, each insurer author-
ized to write automobile liability insurance in this State (other than
the Fund) shall pay to the Treasurer for the account of the Fund
one per cent (1%) of its net direct written AUTOMOBILE
LIABILITY premiums for the previous calendar year as shown
on its annual statement filed with the Commissioner of In-
surance. At any time during the year, the Executive Director
may calculate the probable amount which, in his estimation,
will be needed to carry out the functions of the Fund and to meet
its obligations for the balance of the registration year. If, in his
judgment, the estimated balance of the Fund will be insufficient to
meet the needs of the Fund, he shall assess against the said insurers
an amount which shall not exceed the lesser of (i) the estimated
deficiency or (ii) an additional one per cent (1%) of the aggregate
net AUTOMOBILE LIABILITY premiums of all such insurers (other
than the Fund) during the preceding year, as shown by the records
of the Commissioner of Insurance; provided, however, that if the
assessment is less than 1% of the said aggregate net AUTOMOBILE
LIABILITY premiums, it shall be apportioned among the insurers
in the proportion that the net direct written AUTOMOBILE LIABIL-
ITY premiums of each bears to the aggregate net direct written
AUTOMOBILE LIABILITY premiums of all such insurers during
the preceding year. Neither payment by the insurers provided for
herein shall be deducted from any other assessments or tax required
by law,, EXCEPT A RETALIATORY TAX.

(d)    All moneys collected pursuant to this section, and all other
funds collected by or on behalf of the Fund, whether through pre-
miums, earnings from investments, or otherwise, shall be turned over
to the Treasurer and credited to the account of the Fund; and all
operating expenses of the Fund shall be paid from such revenues.
The account of the Fund shall be a special fund account, and shall
not be deemed part of the Treasury of the State. There shall be no
obligation on the part of the State to THE STATE SHALL NOT
provide general fund appropriations to the Fund; and the debts and
obligations of the Fund shall not be deemed in any manner to be a
debt of the State or a pledge of its credit.

(E) THE FUNDS COLLECTED SUBSEQUENT TO JANUARY
1, 1973, PURSUANT TO SUBSECTIONS (B) AND (C) HEREOF
AND INCOME ACCRUING THEREFROM SHALL BE ACCOUNT-
ED FOR SEPARATELY FROM FUNDS COLLECTED FROM
PREMIUMS ON POLICIES ISSUED BY THE FUND AND IN-
COME ACCRUING THEREFROM. FUNDS SO COLLECTED PUR-
SUANT TO SUBSECTIONS (B) AND (C), AND INCOME ACCRU-
ING THEREFROM, SHALL BE AVAILABLE SOLELY FOR
PAYMENT OF CLAIMS ARISING UNDER SECTION 243H AND
ADMINISTRATIVE COSTS FAIRLY APPORTIONED THERETO;
AND FUNDS COLLECTED FROM PREMIUMS AND INCOME