WILLIAM DONALD SCHAEFER, Governor Ch. 564

conservation, the [Association] CORPORATION shall, subject to the
approval of the Commissioner[,]:

[(a)] (I) Guarantee, assume, or reinsure, or
cause to be guaranteed, assumed, or reinsured, the covered
policies of residents;

[(b)] (II) Assure payment of the contractual
obligations of the impaired insurer to residents; and

[(c)] (III) Provide such moneys, pledges,
notes, guarantees, or other means as are reasonably necessary to
discharge such duties.

(B) If the [Association] CORPORATION fails to
act within a reasonable period of time, the Commissioner shall
have the powers and duties of the [Association] CORPORATION under
this subtitle with respect to such foreign or alien impaired
insurer.

(5)  (a) In carrying out its duties under subsections
(3) and (4), the [Association] CORPORATION may request that there
be imposed policy liens, contract liens, moratoriums on payments,
or other similar means and such liens, moratoriums, or similar
means may be imposed if the Commissioner[,]:

(i) Finds that the amounts which can be
assessed under this subtitle are less than the amounts needed to
assure full and prompt performance of the impaired insurer's
contractual obligations, or that the economic or financial
conditions as they affect member insurers are sufficiently
adverse to render the imposition of policy or contract liens,
moratoriums, or similar means to be in the public interest; and

(ii) Approves the specific policy liens,
contract liens, moratoriums, or similar means to be used.

(b) Before being obligated under subsections
(3) and (4), the [Association] CORPORATION may request that there
be imposed temporary moratoriums or liens on payments of cash
values and policy loans[, and such]. THE temporary moratoriums
and liens may be imposed if they are approved by the
Commissioner.

(6)  The [Association] CORPORATION shall have no
liability under this section for any covered policy of a foreign
or alien insurer whose domiciliary jurisdiction or state of entry
provides by statute or regulation, for residents of this State,
protection substantially similar to that provided by this
subtitle for residents of other states.

(7)  The [Association] CORPORATION may render
assistance and advice to the Commissioner, upon [his] request OF

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