MARVIN MANDEL, Governor

745

insured by the Fund shall be open for review by all
private insurers. ]

[[243F.

[(b) The executive director shall establish and
maintain reasonable and adequate reserves for the payment
of claims against the Fund. The director shall use the
same criteria as is required for use by a private insurer
in determining the amount of reserves necessary.] ]]

SECTION [[3]] 4. AND BE IT FURTHER ENACTED, That
Section 135(1) of Article 81 — Revenue and Taxes, of the
Annotated Code of Maryland (1975 Replacement Volume and
1975 Supplement) be and it is hereby repealed and
reenacted, with amendments, to read as follows:

Article 81 — Revenue and Taxes

135.

As used in this article:

(1) The phrase "insurance company" means (a) every
person engaged as principal in the business of writing
insurance, surety, guaranty or annuity contracts (except
[[THE MARYLAND AUTOMOBILE INSURANCE FUND AND]] nonprofit
hospital service plan corporations and fraternal benefit
societies, as defined by Article 48A of this Code; and
health maintenance organizations authorized in accordance
with Article 43 of this Code) and includes mutual
insurance companies, title insurance companies, [the
Maryland Automobile Insurance Fund] the Maryland
Automobile Insurance Fund and credit indemnity companies,
and (b) attorneys—in—fact for reciprocal exchanges or
interinsurers.

SECTION [[4]] 5. AND BE IT FURTHER ENACTED, That
the members of the board of trustees of the Maryland
Automobile Insurance Fund serving as of July 1, 1976
shall continue to serve as members of the board of
trustees after July 1, 1976 until their successors are
chosen and qualify.

SECTION [[5]] 6. AND BE IT FURTHER ENACTED, That
this Act shall take effect July 1, 1976.

Approved May 4, 1976.

CHAPTER 242
(Senate Bill 10)