WILLIAM DONALD SCHAEFER, Governor                      Ch. 11

recent full calendar year on those lines of insurance reinsured
by the appropriate federal authority. The Fund shall consist of
all moneys appropriated to the Fund, of securities acquired by
and through the use of moneys belonging to the Fund, together
with interest and accretions earned thereon. Included in the Fund
also shall be any moneys appropriated for this purpose from the
issue and sale of certificates of indebtedness by the State,
including Chapter 436 (S.B. 624) of the Acts of 1969 or other law
for the issue and sale of such certificates of indebtedness. The
Fund created by this section shall be deposited with the State
Treasurer to be held in such banks as he deems proper and shall
be accounted for by the State Comptroller in a special account
known as the "Maryland Insurance Development Fund".

(2)  The Fund shall receive such appropriations as shall be
provided in the budget. However, in no event shall such
appropriation exceed five percent of the aggregate property
insurance premiums earned in this State in the most recent full
calendar year on those lines of insurance reinsured by the
Secretary.

(3)  At the termination of the federal reinsurance program,
any unused or unexpended funds and all accumulations and
accretions thereto shall revert to the general funds of the
State.

(4)  The provisions of this section shall be retroactive to
August 1, 1968.]

DRAFTER'S NOTE: This deletes as obsolete Article 48A, §
478E.

The Maryland Insurance Development Fund has not
existed since the Federal Urban Property Protection
and Reinsurance Act of 1968, as amended, terminated on
September 30, 1985.

The obsolete provision was noted by the professional
staff of the Legislative Division of the Department of
Legislative Reference.

481D.

(a) Any insurer that issues or delivers a policy or
contract of homeowner's liability insurance in Maryland shall
offer, to any policyholder who is registered under Part V of
TITLE 5, Subtitle 5 of the Family Law Article as a family day
care home provider, the option of purchasing coverage for
liability as a result of bodily injury, property damage, or
personal injury arising out of the insured's activities as a
family day care provider in an amount not less than $300,000.

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