WILLIAM DONALD SCHAEFER, Governor                            Ch. 538

(c) If additional amounts are found to be due after a report or declaration has been
filed, the amounts shall be subject to interest at 6% per annum from the time the report or
declaration was due until payment is actually made to the Insurance Commissioner.

(D) (1) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION, IF AN INSURER THAT
IS REQUIRED UNDER § 41A OF THIS ARTICLE TO PAY A PREMIUM TAX ON OR BEFORE THE
DUE DATE IN IMMEDIATELY AVAILABLE FUNDS FAILS TO DO SO, THE COMMISSIONER
SHALL ASSESS INTEREST AND A PENALTY AS PROVIDED UNDER SUBSECTION (B) OF THIS
SECTION ON THE UNPAID PREMIUM TAX FROM THE DATE THE TAX IS DUE TO THE DATE
ON WHICH THE FUNDS FROM THE TAX PAYMENT BECOME AVAILABLE TO THE STATE.

(2) THE COMMISSIONER MAY WAIVE INTEREST AND PENALTIES UNDER
THIS SUBSECTION ON LATE PAYMENTS IF THE INSURER REQUIRED TO PAY THE PREMIUM
TAX PROVES THAT THE INSURER:

(I) MADE A GOOD FAITH EFFORT TO COMPLY WITH THE
REQUIREMENTS OF THIS SUBSECTION; AND

(II) EXERCISED DUE DILIGENCE TO INITIATE PAYMENT CORRECTLY
AND ON A TIMELY BASIS.

(3) THIS SUBSECTION DOES NOT AFFECT ANY REQUIREMENT OTHERWISE
ESTABLISHED BY LAW FOR THE PAYMENT OF PREMIUM TAXES OR LICENSING FEES BY
AN INSURER.

SECTION 2. 4. AND BE IT FURTHER ENACTED, That the fees and charges
required under Article 48A, Sections 41 and 205(b) of the Code as enacted by this Act
shall be used solely for the administration and operation of the Insurance Division
Administration.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect
Juno 1, 1993.

SECTION 5. AND BE IT FURTHER ENACTED, That the Laws of Maryland read as
follows:

Article 41 - Governor - Executive and Administrative Departments

10-401.

THE HEAD OF THE MARYLAND INSURANCE ADMINISTRATION IS THE MARYLAND
INSURANCE COMMISSIONER WHO SHALL:

(1) BE APPOINTED BY THE GOVERNOR WITH THE ADVICE AND CONSENT OF
THE SENATE; AND

(2) HAVE THE RIGHTS, POWERS, DUTIES, OBLIGATIONS, AND FUNCTIONS
PREVIOUSLY EXERCISED BY THE INSURANCE COMMISSIONER WITHIN THE INSURANCE
DIVISION.

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