VETOES

House Bill 793, which was passed by the General Assembly and
signed by me on May 27, 1988, accomplishes the same purpose.
Therefore, it is not necessary for me to sign Senate Bill 483.

Sincerely,

William Donald Schaefer

Governor

Senate Bill No. 483

AN ACT concerning

Property and Casualty Insurance Guaranty Corporation - Mortgage

Guaranty Insurance

FOR the purpose of exempting mortgage guaranty insurance from the
scope of the Property and Casualty Insurance Guaranty
Corporation.

BY repealing and reenacting, with amendments,

Article 48A - Insurance Code

Section 504

Annotated Code of Maryland

(1986 Replacement Volume and 1987 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 48A - Insurance Code

504.

(a)  (1) The purposes of this subtitle are to provide a
mechanism for the prompt payment of covered claims under certain
insurance policies and to avoid financial loss to residents of
Maryland who are claimants or policyholders of an insurer,
including surety, which has become insolvent; and to provide for
the assessment of the cost of such payments and protection among
insurers.

(2) All provisions of this subtitle shall apply to
any insurer insolvency, including surety, existing as of January
1, 1985.

(b)  This subtitle shall apply to all kinds of direct
insurance, except life insurance, health insurance, MORTGAGE
GUARANTY INSURANCE, and annuities. On July 1, 1975 all of the
assets and obligations of every type and description of the Motor

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