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HARRY HUGHES, Governor
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1845
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(4) ON OR BEFORE JULY 1, 1985 AND ALL SUBSEQUENT
YEARS, FOLLOWING THE ANNUAL CERTIFICATION AND THE DEPOSIT OF THE
ANNUAL ASSESSMENT PAYMENTS INTO THE INSUFFICIENCY ASSESSMENT
RESERVE FUND, THE ASSOCIATION SHALL PAY TO THE FUND, PURSUANT TO
§ 243M, THE ENTIRE INSUFFICIENCY ASSESSMENT, EXCLUSIVE OF THE
PORTION OF THE INSUFFICIENCY ALLOCATED TO THE FUND. ANY OTHER
MONEYS FOR PRIOR YEARS REMAINING IN THE INSUFFICIENCY ASSESSMENT
RESERVE FUND SHALL BE PAID TO THE FUND ON MARCH 15 DECEMBER 31 OF
EACH YEAR BEGINNING IN 1984. THE RESERVE FUND BALANCE SHALL BE
DEPLETED BEFORE THE NEXT ANNUAL INSUFFICIENCY ASSESSMENT IS
DEPOSITED THEREIN.
[(e)](C) Payments made by the member companies of the
association on account of assessments made by the Industry
Automobile Insurance Association may not be deducted from any
other assessment or tax required by law except a retaliatory tax.
Money, property, and funds available to the Fund may be used for
the general purposes of the Fund. However,
(1) Funds collected from premiums and income accruing
from those funds may be used only for the; payment of claims
arising under policies issued by the Fund and for the
administrative expenses of the Fund; and
(2) The Fund shall keep separate records of any
income and expenses directly attributable to the processing and
payment of uninsured claims.
243E.
Whenever and as often as there is any sum not likely, in the
opinion of the executive director, to be required for immediate
use, the [investment] FINANCIAL MANAGEMENT committee created by §
243A may MANAGE SUCH FUND REVENUES AS THEY DEEM APPROPRIATE AND
invest the same in investments legal for casualty insurance
companies, as may be provided in §§ 97 through 107, inclusive, of
this article, as amended from time to time. When and as it may
become necessary or expedient to use the moneys so invested, the
[investment] FINANCIAL MANAGEMENT committee may collect, sell, or
otherwise realize upon such investment, and any interest accruing
thereon.
243L.
(i) "Net direct written premiums" means direct gross
premiums written on ALL policies [insuring against legal
liability for bodily injury or death and for damage to property
arising out of the ownership, operation or maintenance of motor
vehicles which are principally garaged in this State, less return
premiums thereon.] OF MOTOR VEHICLE LIABILITY AND PHYSICAL DAMAGE
INSURANCE LESS RETURN PREMIUMS AND DIVIDENDS PAID OR CREDITED TO
POLICYHOLDERS WITH RESPECT TO THOSE POLICIES.
(M) "MOTOR VEHICLE LIABILITY AND PHYSICAL DAMAGE INSURANCE"
MEANS THOSE INSURANCE COVERAGES REPORTED AS PRIVATE PASSENGER
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