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1843
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HARRY HUGHES, Governor
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BY repealing and reenacting, with amendments,
Article 48A - Insurance Code
Section 243A, 243E, 243L(i), and 243M(d), and 243N(b)
Annotated Code of Maryland
(1979 Replacement Volume and 1982 Supplement)
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BY renumbering
Article 48A - Insurance Code
Section 243N(g)
to be Section 243N(d)
Annotated Code of Maryland
(1979 Replacement Volume and 1982 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article 48A - Insurance Code
243A.
[(a) On January 1, 1973, there shall be transferred and
assigned to the credit of the Fund all of the assets of every
type and description held by or for the benefit of the
Unsatisfied Claim and Judgment Fund as of the close of business
on December 31, 1972, except such items of furniture and
equipment the executive director deems to be unnecessary, which
items shall be turned over to the secretary of general services.
(b) For the first registration license year only,
commencing after January 1, 1973, every person registering a
motor vehicle in this State shall pay at the time of
registration, in addition to any other fee prescribed by any
other law, a fee of one dollar fifty cents ($1.50), which fees
shall be deposited with the treasurer for the account of the
Fund.
(c) On or before October 15 of each year, the board of
trustees shall determine the probable amount of money that, in
its judgment, will be needed for the Fund to carry out its
functions and meet its obligations in the next ensuing calendar
year. If, in the board's judgment, the expected amount of money
that will be available to the Fund during that next year from
premiums and investments will be insufficient for those purposes,
it shall determine the amount of estimated insufficiency and
certify that amount to the Insurance Commissioner and the
Industry Automobile Insurance Association. The association shall
assess and collect from its member companies the amount of the
certified estimated insufficiency, in accordance with § 243M, and
shall deposit the amount of the insufficiency assessment into the
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