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Ch. 577
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1846
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LAWS OF MARYLAND
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AUTO NO-FAULT, OTHER COMMERCIAL AUTO LIABILITY, PRIVATE PASSENGER
AUTO PHYSICAL DAMAGE, AND COMMERCIAL AUTO PHYSICAL DAMAGE ON THE
EXHIBIT OF PREMIUMS AND LOSSES PAGE OF THE ANNUAL STATEMENT WHICH
INSURERS ARE REQUIRED TO FILE WITH THE INSURANCE COMMISSIONER OF
THE STATE OF MARYLAND.
(N) "ASSOCIATION" MEANS THE INDUSTRY AUTOMOBILE INSURANCE
ASSOCIATION CREATED UNDER § 243M.
(O) "CASH BASIS ACCOUNTING" MEANS THE RECORDS OF ACCOUNTS
OF THE FUND EVIDENCING ALL CASH RECEIPTS AND ALL CASH
DISBURSEMENTS OF THE FUND FOR A PARTICULAR YEAR.
(P) "STATUTORY BASIS ACCOUNTING" MEANS THOSE ACCOUNTING
PRACTICES PRESCRIBED OR PERMITTED BY THE MARYLAND INSURANCE
COMMISSIONER, AS REFLECTED IN THE FUND'S ANNUAL STATEMENT.
243M.
(d) -A- The board of directors shall receive from the
Maryland Automobile Insurance Fund the certification of any
[estimated] ACTUAL insufficiency FOR A PRECEDING CALENDAR YEAR in
accordance with § 243A [(c)] (B). On or before [November 15]
JUNE 30 of [any] EACH year in which the board receives such a
certification, it shall:
(1) Determine from the Insurance Commissioner the
[amount of] AGGREGATE net direct WRITTEN premiums [written by] OF
[each] ALL [member] MEMBERS of the association during the
[preceding] MOST RECENT calendar year DETERMINED BY THE INSURANCE
COMMISSIONER. ["Net direct premiums" means direct gross premiums
written in this State on policies of motor vehicle liability and
physical damage insurance less return premiums and dividends paid
or credited to policyholders with respect to these policies.]
[(2) Assess and collect from each member of the
association an amount equal to the same proportion of the
expected insufficiency of the Fund certified to the association
as the member's net direct written premiums during the preceding
calendar year bears to the aggregate net direct written premiums
of all members of the association during that preceding calendar
year. However, the assessment against a member may not exceed 4
percent of the amount of its said net direct written premiums.
(3) Determine from the Insurance Commissioner the
amount of any gross surplus recoupment or net unrealized
recoupment reported by each member of the association for the
preceding 12 months ending September 30, in accordance with
subsection (f).
(4) Prepare and submit to the Insurance Commissioner
a schedule for each member showing:
(i) The amount of the total estimated
insufficiency of the Fund certified to the association.
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