WILLIAM DONALD SCHAEFER, Governor Ch. 564

(d)  The maximum amount recoverable under this
subsection shall be the amount needed in excess of all other
available assets of the impaired insurer to pay the contractual
obligations of the impaired insurer.

(e)   If any person liable under paragraph (c) is
insolvent, all its affiliates that controlled it at the time the
dividend was paid shall be jointly and severally liable for any
resulting deficiency in the amount recovered from the insolvent
affiliate.

534.

The [Association] CORPORATION shall be subject to
examination and regulation by the Commissioner. The board of
directors shall submit to the Commissioner, not later than May 1
of each year, a financial report for the preceding calendar year
in a form approved by the Commissioner and a report of its
activities during the preceding calendar year.

535.

The [Association] CORPORATION shall be exempt from payment
of all fees and all taxes levied by this State or any of its
subdivisions, except taxes levied on real property.

536.

There shall be no liability on the part of and no cause of
action of any nature shall arise against any member insurer or
its agents or employees, the [Association] CORPORATION or its
agents or employees, members of the board of directors, or the
Commissioner or [his] representatives OF THE COMMISSIONER, for
any action OR OMISSION taken by them in the performance of their
powers and duties under this subtitle.

537.

All proceedings in which the impaired insurer is a party in
any court in this State shall be stayed 60 days from the date an
order of liquidation, rehabilitation, or conservation is final to
permit proper legal action by the [Association] CORPORATION on
any matters germane to its powers or duties. As to a judgment
under any decision, order, verdict, or finding based on default,
the [Association] CORPORATION may apply to have such judgment set
aside by the same court that made such judgment and shall be
permitted to defend against such suit on the merits.

Chapter 556 of the Acts of 1983

SECTION 2. AND BE IT FURTHER ENACTED, That the Life and
Health Insurance Guaranty [Association] CORPORATION shall
continue to be liable. After [the effective date of this Act]

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