WILLIAM DONALD SCHAEFER, Governor Ch. 564

protection not substantially less favorable and effective than
that provided by this subtitle.

530.

In addition to the duties and powers enumerated elsewhere in
the subtitle,

(1)  The Commissioner shall:

(a)  Notify the board of directors of the
existence of an impaired insurer not later than 3 days after a
determination of impairment is made or [he] THE COMMISSIONER
receives notice of impairment;

(b)  Upon request of the board of directors,
provide the [Association] CORPORATION with a statement of the
premiums in the appropriate states for each member insurer;

(c)  When an impairment is declared and the
amount of the impairment is determined, serve a demand upon the
impaired insurer to make good the impairment within a reasonable
time. Notice to the impaired insurer shall constitute notice to
its shareholders, if any. The failure of the insurer to promptly
comply with such demand shall not excuse the [Association]
CORPORATION from the performance of its powers and duties under
this subtitle; AND

(d)   In any liquidation or rehabilitation
proceeding involving a domestic insurer, be appointed as the
liquidator or rehabilitator. If a foreign or alien member
insurer is subject to a liquidation proceeding in its domiciliary
jurisdiction or state of entry, the Commissioner shall be
appointed conservator or ancillary receiver.

(2)  The Commissioner may suspend or revoke, after
notice and hearing, the certificate of authority to transact
insurance in this State of any member insurer which fails to pay
an assessment when due or fails to comply with the plan of
operation. As an alternative, AND ON BEHALF OF THE CORPORATION,
the Commissioner may levy a forfeiture on any member insurer
which fails to pay an assessment when due. Such forfeiture shall
not exceed 5% of the unpaid assessment per month, but no
forfeiture shall be less than $100 per month.

(3)  Any action of the board of directors or the
[Association] CORPORATION may be appealed to the Commissioner by
any member insurer if such appeal is taken within 30 days of the
action being appealed. Any final action or order of the
Commissioner shall be subject to judicial review in a court of
competent jurisdiction.

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