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1847
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HARRY HUGHES, Governor
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(ii) The member's assessment on account of that
insufficiency;
(iii) The amount of adjustment for any gross
surplus recoupment or net unrealized recoupment for the preceding
calendar year;
(iv) The member's net assessment, calculated by
subtracting the gross surplus recoupment from, or adding the net
unrealized recoupment to, the member's assessment;
(v) The net direct written premiums of the
member for the preceding calendar year; and
(vi) The percentage that the member's net
assessment bears to its net direct written premiums for the
preceding calendar year.]
(2) CALCULATE AN ASSESSMENT ALLOCATION PERCENTAGE BY
DIVIDING THE FUND'S MOST RECENT CERTIFIED OPERATING LOSS BY THE
TOTAL OF (I) THE AGGREGATE NET DIRECT WRITTEN PREMIUMS REFERRED
TO IN (1) ABOVE, PLUS (II) THE FUND'S TOTAL NET DIRECT WRITTEN
PREMIUM FOR THE SAME PERIOD. THE ASSESSMENT ALLOCATION
PERCENTAGE SHALL IN NO EVENT EXCEED 4 PERCENT.
(3) NOTIFY ALL MEMBERS, THE MARYLAND AUTOMOBILE
INSURANCE FUND, AND THE MARYLAND INSURANCE COMMISSIONER OF THE
ASSESSMENT ALLOCATION PERCENTAGE SO DETERMINED.
(4) ASSESS AND COLLECT FROM EACH MEMBER OF THE
ASSOCIATION AN AMOUNT EQUAL TO EACH MEMBER'S NET DIRECT WRITTEN
PREMIUM FOR THE MOST RECENT CALENDAR YEAR DETERMINED BY THE
INSURANCE COMMISSIONER MULTIPLIED BY THE ASSESSMENT ALLOCATION
PERCENTAGE DETERMINED IN (2) ABOVE.
(5) DEPOSIT THE ASSESSMENT PAYMENT AS REQUIRED BY §
243A(B).
[(e) The Insurance Commissioner shall promptly review the
schedules submitted by the association. Unless the Commissioner
finds the schedule to be inaccurate, he shall authorize each
member to increase its premiums on policies of motor vehicle
liability and physical damage insurance written in this State,
for a period of one year commencing on and after the next ensuing
January 1, by the same percentage as its net assessment bears to
its net direct written premiums for the preceding calendar year.
The increase shall be spread equitably among all such policies.]
[(f) Each member shall keep separate and detailed records
of the net direct written premiums received by it that are
attributable to an increase authorized under subsection (e), and
shall report that amount to the Insurance Commissioner and the
association on a quarterly basis, as directed by the
Commissioner, with an aggregate figure for the four quarters
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