1632                                        LAWS OF MARYLAND                                    Ch. 443

BY repealing and reenacting, with amendments,

Article 48A - Insurance Code

Section 243A, 243B(b), 243L(m), and 243M(d), (e), (g), and

(i)
Annotated Code of Maryland

(1979 Replacement Volume and 1985 Supplement)

BY repealing and reenacting, without amendments,

Article 48A - Insurance Code

Section 243M(f) and (h)

Annotated Code of Maryland

(1979 Replacement Volume and 1985 Supplement)

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)  All moneys collected pursuant to this section, and all
other funds collected by or on behalf of the Fund, whether
through premiums, earnings from investments, or otherwise, shall
be managed and invested by the Fund through a financial
management committee composed of the executive director and two
members of the board of trustees to be selected by the board,
One of the committee members from the board of trustees shall be
selected from the members appointed by the Governor, and one
shall be selected from the members appointed by the Industry
Automobile Insurance Association. All operating expenses of the
Fund shall be paid from such revenues. The account of the Fund
shall be a special fund account, and shall not be deemed part of
the treasury of the State. The State shall not provide general
fund appropriations to the Fund; and the debts and obligations of
the Fund shall not be deemed in any manner to be a debt of the

State or a pledge of its credit.

(b) (1) On or before March 15th of each calendar year,
commencing in 1984, the board of trustees of the Fund shall
certify to the board of directors of the association the actual
operating loss, if any, sustained by the Fund for the immediately
preceding calendar year, on a cash or statutory accounting basis,
whichever is greater. The annual insufficiency so certified
shall not include any insufficiency assessment moneys received or
any inter-division transfers of moneys within the Fund. THE

CERTIFICATION OF OPERATING LOSS SHALL SEPARATELY IDENTIFY
COMMERCIAL AUTOMOBILE LOSS, PRIVATE PASSENGER AUTOMOBILE LOSS,
AND THE AGGREGATE OF THE TWO BEGINNING WITH CALENDAR YEAR 1986
LOSSES, IF ANY.