HARRY HUGHES, Governor                                        743

(c) It shall be the duty of the Commissioner to report to
the board of directors when he has reasonable cause to believe
that any member insurer examined or being examined at the request
of the board of directors may be insolvent or in a financial
condition hazardous to the policyholders or the public.

(d) The board of directors may, upon majority vote, make
reports and recommendations to the Commissioner upon any matter
germane to the solvency, liquidation, rehabilitation or

conservation of any member insurer.____Such reports and

recommendations shall not be considered public documents.

(e) The board of directors may, upon majority vote, make
recommendations to the Commissioner for the detection and
prevention of insurer insolvencies.

(f) The board of directors shall, at the conclusion of any
insurer insolvency proceedings in which the Association was
obligated to pay covered claims, prepare a report on the history
and causes of such insolvency, based on the information available
to the Association, and submit such report to the Commissioner.]

514.

The [Association] CORPORATION shall be subject to
examination and regulation by the Commissioner. The board of
directors shall submit, not later than March 30 of each year, a
financial report for the preceding calendar year in a form
approved by the Commissioner.

515.

The [Association] CORPORATION shall be exempt from payment
of all fees and all taxes levied by this State or any of its
subdivisions except taxes levied on real or personal property.

516.

The rates and premiums charged for insurance policies 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] CORPORATION by the member insurer less any amounts
returned to the member insurer by the [Association] CORPORATION
and such rates shall not be deemed excessive because they contain
an amount reasonably calculated to recoup assessments paid by the
member insurer.

517.

There shall be no liability on the part of and no cause of
action of any nature shall arise against any member insurer, the
[Association] CORPORATION or its agents or employees, the board
of directors, or the Commissioner or his representatives for any
action taken by them in the performance of their powers and