2998

LAWS OF MARYLAND

[Ch. 651

BY repealing

Article 48A — Insurance Code

Section 482A

Annotated Code of Maryland

(1972 Replacement Volume and 1974 Supplement)

BY repealing and re—enacting, with amendments,

Article 48A — Insurance Code

Section 504(b), 505(c), 506, 507(a) and (c) ,

508(a)(1) and 509(c)
Annotated Code of Maryland
(1972 Replacement Volume and 1974 Supplement)

SECTION 1. BE IT ENACTED   BY THE GENERAL ASSEMBLY OF

MARYLAND, That Section 482A of   Article 48A - Insurance

Code, of the Annotated Code of   Maryland (1972 Replacement

Volume and 1974 Supplement) be  and it is hereby repealed.

SECTION 2. AND BE IT FURTHER ENACTED, That Sections
504(b), 505(c), 506, 507(a) and (c) , 508(a)(1) and 509(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and they are hereby repealed and re—enacted, with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

504.

(b) This subtitle shall apply to all kinds of
direct insurance, except life insurance, health
insurance, workmen's compensation insurance[, annuities,
and Motor Vehicle Security Fund covered under § 482A of
Article 48A. The present Motor Vehicle Security Fund as
a preassessment fund will be phased out of existence as
its current funds are depleted and its functions shall be
assumed by the appropriate account.] AND ANNUITIES. [[ON
JULY 1, 1975, ALL OF THE ASSETS OF EVERY TYPE AND
DESCRIPTION, HELD BY OR FOR THE BENEFIT OF THE MOTOR
VEHICLE SECURITY FUND AS OF THE CLOSE OF BUSINESS ON JUNE
30, 1975, SHALL BE TRANSFERRED TO THE CREDIT OF THE
MARYLAND INSURANCE GUARANTY ASSOCIATION. ALL CLAIMS
AGAINST THE MOTOR VEHICLE SECURITY FUND AS OF JUNE 30,
1975 SHALL BE TRANSFERRED TO AND BECOME CLAIMS AGAINST
THE MARYLAND INSURANCE GUARANTY ASSOCIATION. ]] ON JULY 1,
1975, ALL OF THE ASSETS AND OBLIGATIONS OF EVERY TYPE AND
DESCRIPTION OF THE MOTOR VEHICLE SECURITY FUND AS OF THE
CLOSE OF BUSINESS ON JUNE 30, 1975, SHALL BE TRANSFERRED