2608

LAWS OF MARYLAND

[Ch. 544

OF THE CODE, SHALL CERTIFY TO THE STATE TREASURER A LIST
OF ALL LICENSED PHYSICIANS AS SHOWN IN THE RECORDS OF THE
BOARD OF MEDICAL EXAMINERS AS OF THE EFFECTIVE DATE OF
THIS ACT.

(B)     A SPECIAL ONE-TIME TAX FOR THE PRIVILEGE OF
PRACTICING MEDICINE IN MARYLAND IS LEVIED ON LICENSED
PHYSICIANS LISTED BY THE STATE TREASURER IN ACCORDANCE
WITH SUBSECTION (A) IN THE AMOUNT OF $300 PER LICENSED
PHYSICIAN, TO BE LEVIED, ASSESSED, AND COLLECTED BY THE
STATE TREASURER. THE TAX DOES NOT APPLY TO ANY LICENSED
PHYSICIAN WHO SUBMITS A STATEMENT, SWORN TO UNDER
PENALTIES OF PERJURY, STATING THAT HE HAS PERMANENTLY
TERMINATED THE ACTIVE PRACTICE OF MEDICINE IN THE STATE
OF MARYLAND. THE STATEMENT SHALL BE IN FORM ESTABLISHED
BY THE STATE TREASURER.

(C)    THE LEGISLATURE APPROPRIATES AND DEDICATES THE
[[ENTIRE]] PROCEEDS OF THE TAX PROVIDED BY THIS SUBTITLE
AS THE INITIAL POLICYHOLDERS' SURPLUS OF THE SOCIETY[[,
AND]]. AFTER RETAINING AN AMOUNT TO PAY THE COST OF
COLLECTION THE TREASURER AND COMPTROLLER SHALL PROMPTLY
PAY OVER THE PROCEEDS OF THE TAX TO THE SOCIETY.

(D)     THE BOARD OF DIRECTORS OF THE SOCIETY MAY
ESTABLISH MEMBERSHIP FEES IN AMOUNTS AS THEY DEEM
REASONABLE TO BE PAID BY MEMBERS OF THE SOCIETY. ANY
PHYSICIAN WHO HAS PAID THE TAX SPECIFIED IN SUBSECTION
(B) SHALL BE CREDITED THE AMOUNT OF THE TAX PAID AGAINST
HIS LIABILITY FOR ANY MEMBERSHIP FEE.

(E)    UPON PAYMENT OF THE SPECIFIED MEMBERSHIP FEE A
PHYSICIAN MAY BE INSURED BY THE SOCIETY FOR ANY AND ALL
HAZARDS CUSTOMARILY INSURED BY THE SOCIETY, SUBJECT TO
ANY COVERAGE LIMITATIONS SPECIFIED BY THE SOCIETY IN
ACCORDANCE WITH POLICY LIMITATIONS, EXCLUSIONS,
CONDITIONS, DEDUCTIBLES, AND LOSS SHARING REQUIREMENTS.

552. SPECIAL RESERVE FUND

[[AN ANNUAL CHARGE IN ADDITION TO THE ANNUAL PREMIUM
AND BASED ON A PERCENTAGE OF THE PREMIUM SHALL BE MADE ON
EACH POLICY. THE PROCEEDS FROM THIS CHARGE SHALL BE
CREDITED TO THE SPECIAL RESERVE FUND. THIS PERCENTAGE
SHALL BE ANNUALLY DETERMINED BY THE SOCIETY SUBJECT TO
APPROVAL OF THE COMMISSIONER AND SHALL BE BASED UPON ITS
AMOUNT IN THE FUND PLUS ANY REINSURANCE HELD BY THE
SOCIETY]]

(A)_________A RATE STABILIZATION RESERVE FUND IS

ESTABLISHED TO BE ENTERED AS A LIABILITY OF THE SOCIETY
ALONG WITH OTHER PREMIUM AND LOSS RESERVES. THE FUND
SHALL BE ADMINISTERED AND VALUED ANNUALLY BY THREE
DIRECTORS OF THE SOCIETY, TOGETHER WITH THE COMMISSIONER