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Session Laws, 1974
Volume 713, Page 16   View pdf image
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16                                          LAWS OF MARYLAND                             [Ch. 10

the assessment of any member insurer, if the assessment
would cause the member insurer's financial statement to
reflect amounts of capital or surplus less than the
minimum amounts required for a certificate of authority
by any jurisdiction in which the member insurer is
authorized to transact insurance. Each member insurer
may set off against any assessment, authorized payments
made on covered claims and expenses incurred in the
payment of such claims by the member insurer if they are
chargeable to the account for which the assessment is
made.

{4) Investigate claims brought against the
Association and adjust, compromise, settle, and pay
covered claims to the extent of the Association's
obligation and deny all other claims and may review
settlements, releases and judgments to which the
insolvent insurer or its insureds were parties to
determine the extent to which such settlements, releases
and judgments may be properly contested.

(5)   Notify such persons as the Commissioner directs
under § 510(b) (1).

(6)   Handle claims through its employees or through
one or more insurers or other persons designated as
servicing facilities. Designation of a servicing
facility [if] IS subject to the approval of the
Commissioner, but such designation may be declined by a
member insurer.

(7)     reimburse each servicing facility for
obligations of the Association paid by the facility and
for expenses incurred by the facility while handling
claims on behalf of the Association and shall pay the
other expenses of the Association authorized by this
subtitle.

510.

(b) The Commissioner may;

(1)    Require that the Association notify the
insureds of the insolvent insurer and any other
interested parties of the determination of insolvency and
of their rights under this subtitle. Such notification
may be by mail at their last known address, where
available, but if sufficient information for notification
by mail is not available, notice by publication in a
newspaper of general circulation shall be sufficient.

(2)    Suspend or revoke, after notice and hearing,
the certificate [or] OF authority to transact insurance
in this State of any member insurer which fails to pay an

 

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Session Laws, 1974
Volume 713, Page 16   View pdf image
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