736                                            LAWS OF MARYLAND                                      Ch. 161

of the close of business on June 30, 1975 shall be transferred to
the [Maryland Insurance Guaranty Association] PROPERTY AND
CASUALTY INSURANCE GUARANTY ASSOCIATION CORPORATION and
administered through the appropriate account under § 506 of this
subtitle. On July 1, 1981, all the assets and obligations of
every type and description of the Workmen's Compensation
Insolvency Fund at the close of business on June 30, 1981 shall
be transferred to the [Maryland Insurance Guaranty Association]
PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOCIATION CORPORATION
and administered through the appropriate account under § 506 of
this subtitle.

505.

As used in this subtitle:

(b) "Association" means the [Maryland Insurance Guaranty
Association] PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOCIATION
CORPORATION created under § 506.

506.

(A)  There is created a nonprofit unincorporated legal
entity to PRIVATE, NONPROFIT, NONSTOCK CORPORATION WHICH SHALL be
known as the [Maryland Insurance Guaranty Association] PROPERTY
AND CASUALTY INSURANCE GUARANTY ASSOCIATION CORPORATION. All
insurers defined as member insurers in § 505 (e) shall be and
remain members of the Association CORPORATION as a condition of
their authority to transact insurance In this State. The
Association CORPORATION shall perform its functions under a plan
of operation established and approved under § 509 and shall
exercise its powers through a board of directors established
under § 507. For purposes of administration and assessment, the
Association CORPORATION shall be divided into six 4 separate
accounts: (1) the title insurance account; (2) the surety
insurance account; (3) wet marine and transportation insurance
account; (4) (2) motor vehicle insurance account; (5) (3) the
workmen's compensation account; and (6) (4) the account for all
other insurance to which this subtitle applies.

(B) EXCEPT AS OTHERWISE PROVIDED IN THIS SUBTITLE, THE
CORPORATION HAS ALL THE POWERS, PRIVILEGES, AND IMMUNITIES
INCLUDING PERPETUAL EXISTENCE, GRANTED BY THE APPLICABLE
PROVISIONS OF THE CORPORATIONS AND ASSOCIATIONS ARTICLE.

(C) THE CORPORATION IS NOT AND MAY NOT BE DEEMED A
DEPARTMENT, UNIT, AGENCY, OR INSTRUMENTALITY OF THE STATE FOR ANY
PURPOSE. ALL DEBTS, CLAIMS, OBLIGATIONS, AND LIABILITIES OF THE
CORPORATION, WHENEVER INCURRED, SHALL BE THE DEBTS, CLAIMS,
OBLIGATIONS, AND LIABILITIES OF THE CORPORATION ONLY AND NOT OF
THE STATE, ITS AGENCIES, INSTRUMENTALITIES, OFFICERS, OR
EMPLOYEES. THE CORPORATION MONEYS MAY NOT BE CONSIDERED PART OF
THE GENERAL FUND OF THE STATE. THE STATE MAY NOT BUDGET FOR OR
PROVIDE GENERAL FUND APPROPRIATIONS TO THE CORPORATION, AND THE
DEBTS, CLAIMS, OBLIGATIONS, AND LIABILITIES OF THE CORPORATION