Ch. 351

LAWS OF MARYLAND

Article - Transportation
17-103.

(a)  (1) Except as provided in paragraph (2) of this
subsection, the form of security required under this subtitle is
a vehicle liability insurance policy written by an insurer
authorized to write these policies in this State.

(2)  The Administration may accept another form of
security in place of a vehicle liability insurance policy if it
finds that the other form of security adequately provides the
benefits required by subsection (b) of this section.

(3)  THE ADMINISTRATION SHALL, BY REGULATION, ASSESS
EACH SELF-INSURER AN ANNUAL SUM WHICH MAY NOT EXCEED $750, AND
WHICH SHALL BE USED FOR ACTUARIAL STUDIES AND AUDITS TO DETERMINE
FINANCIAL SOLVENCY.

(b)  The security required under this subtitle shall provide
for at least:

(1)  The payment of claims for bodily injury or death
arising from an accident of up to $20,000 for any one person and
up to $40,000 for any two or more persons, in addition to
interest and costs;

(2)  The payment of claims for property of others
damaged or destroyed in an accident of up to $10,000, in addition
to interest and costs;

(3)  The benefits required under Article 48A, § 539 of
the Code as to basic required primary coverage; and

(4)  The benefits required under Article 48A, § 541 of
the Code as to required additional coverage.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1988.

Approved May 17, 1988.

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