1476

LAWS OF MARYLAND

Ch. 364

AUTHORIZE THE INSTITUTION WHERE THE FUNDS ARE DEPOSITED__TO

INVEST ALL OR ANY PART OF SUCH INSUFFICIENCY ASSESSMENT

FUNDS IN INVESTMENTS LEGAL FOR CASUALTY INSURANCE COMPANIES,
AS PROVIDED IN SECTIONS 97 THROUGH 107, INCLUSIVE. OF THIS
ARTICLE, AND THE FULL AMOUNT OF THE INCOME FROM SUCH
INVESTMENTS ALSO SHALL BE DEPOSITED IN SAID ACCOUNT FOR THE
USE OF THE MARYLAND AUTOMOBILE INSURANCE FUND. THE ACCOUNT
SHALL BE KNOWN AS THE INSUFFICIENCY ASSESSMENT RESERVE FUND.

(D)    UPON CERTIFICATION BY THE BOARD OF TRUSTEES OF
THE MARYLAND AUTOMOBILE INSURANCE FUND TO THE INDUSTRY
AUTOMOBILE INSURANCE ASSOCIATION OF THE EXISTENCE OF A CASH

FLOW DEFICIENCY WHICH HAS ACCRUED IN ANY CALENDAR QUARTER

MADE TO THE INDUSTRY AUTOMOBILE INSURANCE ASSOCIATION, THE

ASSOCIATION SHALL TRANSFER TO THE MARYLAND AUTOMOBILE

INSURANCE FUND AN AMOUNT EQUAL TO THE CERTIFIED DEFICIENCY.

IN THE OPERATIONS OF THE MARYLAND AUTOMOBILE INSURANCE FUND

IN ANY SEPARATE CALENDAR QUARTER, THE ASSOCIATION SHALL

TRANSFER TO THE MARYLAND AUTOMOBILE INSURANCE FUND AN AMOUNT

EQUAL TO THE CERTIFIED DEFICIENCY. THE QUARTERLY REVIEW OF

THE CASH REQUIREMENTS OF THE FUND BY THE BOARD OF TRUSTEES

UNDER THIS SECTION SHALL BE IN ADDITION TO THE ANNUAL

DETERMINATION OF ANY ESTIMATED INSUFFICIENCY FOR THE ENSUING

CALENDAR YEAR REQUIRED TO BE MADE BY THE BOARD OF TRUSTEES

UNDER SECTION 243A(C).

(E)    THE EXECUTIVE DIRECTOR OF THE MARYLAND AUTOMOBILE
INSURANCE FUND SHALL ANNUALLY, ON OR BEFORE MARCH 1, SUBMIT
TO THE INSURANCE COMMISSIONER, A DETAILED REPORT SHOWING HOW
THE MONEYS RECEIVED BY THE FUND FROM THE INSUFFICIENCY
ASSESSMENT WERE USED DURING THE PRECEDING CALENDAR YEAR.

BY THE AMOUNT IN THE INSUFFICIENCY ASSESSMENT--RESERVE FUND

ACCOUNT.

(F) THE CERTIFIED, ESTIMATED INSUFFICIENCY FOR THE

ENSUING CALENDAR YEAR BY THE BOARD OF TRUSTEES OF THE

MARYLAND AUTOMOBILE INSURANCE FUND UNDER SECTION 243A(C)

SHALL BE CALCULATED WITHOUT REGARD TO THE AMOUNT ON DEPOSIT

IN THE INSUFFICIENCY ASSESSMENT RESERVE FUND. ANY REDUCTION

OF THE ASSESSMENT AGAINST EACH MEMBER OF THE INDUSTRY

AUTOMOBILE INSURANCE ASSOCIATION, BECAUSE OF THE AMOUNT ON

DEPOSIT IN THE INSUFFICIENCY ASSESSMENT RESERVE FUND, SHALL

BE MADE BY THE BOARD OF DIRECTORS OF THE ASSOCIATION.___ AFTER

RECEIVING__THE CERTIFICATION OF THE ESTIMATED INSUFFICIENCY

FROM THE BOARD OF TRUSTEES OF THE MARYLAND AUTOMOBILE

INSURANCE FUND AND CALCULATING THE TOTAL AMOUNT OF EACH

MEMBER'S ASSESSMENT___ NECESSARY___ TO MAKE UP THE ESTIMATED

INSUFFICIENCY, AS PROVIDED IN SECTION 243M(D), THE BOARD OF

DIRECTORS OF THE INDUSTRY AUTOMOBILE INSURANCE ASSOCIATION

SHALL ALLOW EACH MEMBER OF THE ASSOCIATION A CREDIT FOR ITS

PROPORTIONATE SHARE OF ANY UNUSED ASSESSMENT ON___DEPOSIT___IN

THE RESERVE FUND, AS WELL AS THE AMOUNT OF THE GROSS SURPLUS

RECOUPMENT WHICH IT HAS DEPOSITED WITH THE ASSOCIATION

AGAINST THE ASSESSMENT PAYABLE BY SUCH MEMBER.

            (F) AN INSUFFICIENCY ASSESSMENT DEMAND MAY NOT BE

MADE UPON THE INDUSTRY AUTOMOBILE INSURANCE ASSOCIATION IN

ANY YEAR UNLESS THE ESTIMATED INSUFFICIENCY IS FIRST REDUCED