MARVIN MANDEL, Governor

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MARYLAND, That Sections 505(a) and 506 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hereby repealed and re—enacted, with amendments, to read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

505.

As used in this subtitle:

(a) "Account" means any one of the [three] FIVE
accounts created by § 506.

506.

There is created a nonprofit unincorporated legal
entity to be known as the Maryland Insurance Guaranty
Association. All insurers defined as member insurers in
§ 505(e) shall be and remain members of the Association
as a condition of their authority to transact insurance
in this State. The Association shall perform its
functions under a plan of operation established and
approved under § 509 and shall exercise its powers
through a board of directors established under § 507.
For purposes of administration and assessment, the
Association shall be divided into [three] FIVE separate
accounts: (1) the title insurance account; (2) the
surety insurance account; (3) wet marine and
transportation insurance account; [and (4) the account
for all other insurance to which the subtitle applies.]
(4) MOTOR VEHICLE INSURANCE ACCOUNT; AND (5) THE ACCOUNT
FOR ALL OTHER INSURANCE TO WHICH THE ACT APPLIES.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1975.

Approved May 15, 1975.

CHAPTER 765
(House Bill 1171)

AN ACT concerning

Cecil County — Tax Credits
FOR the purpose of providing a tax credit in Cecil County