MARVIN MANDEL, Governor

2717

BY repealing and re—enacting, with amendments,

Article 66 1/2 — Vehicle Laws

Section 7-101(c)

Annotated Code of Maryland

(1970 Replacement Volume and 1974 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Sections 243A(c), 243L(e) and 541(c) of
Article 48A - Insurance Code, of the Annotated Code of
Maryland (1972 Replacement Volume and 1974 Supplement) be
and they are hereby repealed and re—enacted, with
amendments, to read as follows:

Article 48A — Insurance Code

243A.

(c) [[On or before March 31, in each year, each
insurer authorized to write automobile liability
insurance in this State (other than the Fund) shall pay
to the treasurer for the account of the Fund Tone percent
(1%)] A PERCENTAGE of its net direct written automobile
liability premiums for the previous calendar year as
shown on its annual statement filed with the Commissioner
of Insurance DETERMINED AS SET FORTH BELOW. 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
Tor (ii) an additional one percent (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
liability premiums of each bears to the aggregate net
direct written automobile liability premiums of all such
insurers during the preceding year. [Neither] NO payment
by the insurers provided for herein shall be deducted
from any other assessments or tax required by law, except
a retaliatory tax.]] On or before March 31, in each year,
each insurer authorized to write automobile liability
insurance in this State (other than the Fund) shall pay
to the treasurer for the account of the Fund one percent