742                                            LAWS OF MARYLAND                                      Ch. 161

CORPORATION and estimates of anticipated claims on the

[Association] CORPORATION which shall preserve the rights of the

[Association] CORPORATION against the assets of the insolvent
insurer.

512.

(a) Any person having a claim against an insurer under any
provision in an insurance policy other than a policy of an
insolvent insurer which is also a covered claim, shall be
required to exhaust first his right under such policy. Any
amount payable on a covered claim under this subtitle shall be
reduced by the amount of any recovery under such insurance
policy.

(b) Any person having a claim which may be recovered under
more than one insurance guaranty association or its equivalent
shall seek recovery first from the [Association] CORPORATION of
the place of residence of the insured except that if it is a
first party claim for damage to property, with a permanent
location, he shall seek recovery first from the [Association]
CORPORATION of the location of the property. Any recovery under
this subtitle shall be reduced by the amount of recovery from any
other insurance guaranty association or its equivalent.

[513.

(a) The Commissioner shall examine any member insurer who
the Commissioner has reasonable cause to believe that such
insurer may be insolvent or in a financial condition hazardous to
the policyholders or to the public. It shall be the duty of the
board of directors, upon majority vote, to notify the
Commissioner of any information indicating any member insurer may
be insolvent or in a financial condition hazardous to the
policyholders or the public.

(b) The board of directors may, upon majority vote, request
that the Commissioner order an examination of any member insurer
which the board in good faith believes may be in a financial
condition hazardous to the policyholders or the public. The
Commissioner shall begin such examination within a reasonable
time after receipt of such request. Any examination may be
conducted as a National Association of Insurance Commissioners
examination or may be conducted by such persons as the
Commissioner designates. The cost of any examination shall be
paid by the Association and the examination report shall be
treated as are other examination reports. In no event shall such
examination report be released to the board of directors prior to
its becoming a public record, but this shall not preclude the
Commissioner from complying with subsection (c) of this section.
The Commissioner shall notify the board of directors when the
examination is completed. The request for an examination shall
be kept on file by the Commissioner but it shall not be open to
public inspection prior to the release of the examination report"
to the public.