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HARRY HUGHES, Governor 1849
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(G) ALL INSUFFICIENCY ASSESSMENT MONEYS RECEIVED BY THE
FUND DURING THE APPLICABLE CALENDAR YEAR SHALL BE CONSIDERED AS A
DIRECT CONTRIBUTION TO SURPLUS FOR ANNUAL STATEMENT PURPOSES. IN
THE EVENT THAT THE AGGREGATE AMOUNT OF SURCHARGES RECEIVED BY ANY
ASSOCIATION MEMBER COMPANY DURING THE APPLICABLE RECOUPMENT YEAR
IS LESS THAN THAT MEMBER'S ASSESSMENT CONTRIBUTION FOR WHICH THE
SURCHARGES WERE COLLECTED, THE MEMBER'S AUTHORIZED SURCHARGE
UNDER § 243M(E) SHALL BE INCREASED ACCORDINGLY FOR THE NEXT
APPROPRIATE RECOUPMENT YEAR. IN THE EVENT THAT THE AGGREGATE
AMOUNT OF SURCHARGES RECEIVED BY ANY ASSOCIATION MEMBER COMPANY
DURING THE APPLICABLE RECOUPMENT YEAR IS GREATER THAN THAT
MEMBER'S ASSESSMENT CONTRIBUTION FOR WHICH THE SURCHARGES WERE
COLLECTED, THE MEMBER SHALL DEPOSIT THE EXCESS AS PROVIDED IN §
243N(B) AND SHALL RECEIVE A CREDIT FOR THE AMOUNT DEPOSITED
AGAINST THE NEXT APPROPRIATE ASSESSMENT UNDER § 243A AND § 243M.
(H) EACH MEMBER MAY KEEP SEPARATE AND DETAILED RECORDS OF
ANY EXPENSES ACTUALLY INCURRED THAT ARE DIRECTLY ATTRIBUTABLE TO
THE COLLECTION OF THE SURCHARGE AUTHORIZED UNDER SUBSECTION (F).
UPON VERIFICATION, AND IF RELEVANT, THESE EXPENSES SHALL BE
CONSIDERED AS APPROPRIATE COST ITEMS BY THE INSURANCE
COMMISSIONER IN ANY SUBSEQUENT RATE FILING BY THE MEMBER.
(I) THE FUND SHALL, FOR THE YEAR BEGINNING JULY 1, 1984,
AND FOR EVERY SUBSEQUENT YEAR THEREAFTER, SURCHARGE ALL ITS
POLICYHOLDERS, AS THOUGH IT WERE A MEMBER OF THE I.A.I.A., IN
CONFORMITY WITH THE PROCEDURES AND REQUIREMENTS ESTABLISHED IN
SUBSECTIONS (D) - (H) ABOVE, EXCEPT THAT THERE SHALL BE NO
PAYMENT OF ANY MONEYS BY THE FUND TO THE ASSOCIATION'S
INSUFFICIENCY ASSESSMENT RESERVE FUND. THE SURCHARGES ASSESSED
AND RECEIVED BY THE FUND SHALL BE SEPARATELY ACCOUNTED FOR BY THE
FUND.
243N.
(b) Each member of the Industry Automobile Insurance
Association shall deposit with the Association, on or before
September 1, 1978, any gross surplus recoupment collected from
policyholders on account of the insufficiency assessment made for
the calendar year 1977, and shall deposit with the association
any gross surplus recoupment received by such member on account
of any future insufficiency assessment not later than [March 15]
OCTOBER 15 [of the calendar year] following the RECOUPMENT year
in which the gross surplus recoupment was received.
[(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
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
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