HARRY HUGHES, Governor

3703

(C) Any recovery under this subtitle shall be reduced by
the amount of recovery from any other insurance guaranty
association or its equivalent.

516.

The rates and premiums charged for insurance policies AND
SURETY BONDS to which this subtitle applies shall "include amounts
sufficient to recoup over a reasonable length of time which shall
not be less than three years, a sum equal to the amounts paid to
the Association by the member insurer less any amounts returned
to the member insurer by the Association and such rates shall not
be deemed excessive because they contain an amount reasonably
calculated to recoup assessments paid by the member insurer.

SECTION 2. AND BE IT FURTHER ENACTED, That any amounts in
the surety insurance account and the wet marine and
transportation account on July 1, 1985 shall be transferred to
the account for all other insurance created under § 506(d)(3) of
Article 48A of the Code by this Act.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act is
hereby declared to be an emergency measure and necessary for the
immediate preservation of the public health and safety and having
been passed by a yea and nay vote supported by three-fifths of
all the members elected to each of the two Houses of the General
Assembly, the same shall take effect from the date of its
passage.

May 27, 1986
The Honorable Melvin A. Steinberg
President of the Senate
State House
Annapolis, Maryland 21404

Dear Mr. President:

In accordance with Article II, Section 17 of the Maryland
Constitution, I have today vetoed Senate Bill 378.

This bill provides the Insurance Commissioner with the
authority to rehabilitate and liquidate insolvent health
maintenance organizations.

House Bill 324, which was passed by the General Assembly and
signed by me on May 13, 1986, accomplishes the same purpose.
Therefore, it is not necessary for me to sign Senate Bill 378.