Ch. 5                                        1993 LAWS OF MARYLAND

vessels, 1 mechanical engineer on the faculty of a recognized engineering college within
the State, a stationary engineer, 1 individual who is licensed as a professional engineer
and has boiler or pressure vessel experience, and 1 consumer member.

DRAFTER'S NOTE:

Error: Incorrect calculation of number of Board members in Article 48 §
169(a).

Occurred: Ch. 4, Acts of 1992.

Article 48A - Insurance Code

208.

(a) Except as to premiums on lawfully procured surplus lines insurance and
premiums on independently procured insurance on which a tax has been paid pursuant to
§ 209 of this article, every unauthorized insurer shall pay to the Commissioner before
March 1 next succeeding the calendar year in which the insurance was so effectuated,
continued or renewed a premium receipts tax of three percent (3%) of gross premiums
charged for such insurance, other than wet marine and transportation insurance as
defined in § 70 (2) of this article, on subjects resident, located or to be performed in this
State. Such insurance on subjects resident, located or to be performed in this State
procured through negotiations or an application, in whole or in part occurring or made
within or from within or outside of this State, or for which premiums in whole or in part
are remitted directly or indirectly from within or outside of this State, shall be deemed to
be insurance procured or continued or renewed in this State. The term "premium"
includes all premiums, membership fees, assessments, dues and any other consideration
for insurance. Such tax shall be in lieu of all other Maryland taxes. On default of any such
unauthorized insurer in the payment of such tax the insured shall pay the tax. If the tax
prescribed by this section is not paid within the time stated, the tax shall be increased by
a penalty of twenty-five percent (25%) and by the amount of an additional penalty
computed at the rate of one percent per month or any part thereof from the date such
payment was due to the date paid. [The moneys paid into the Maryland State treasury
from time to time under this section shall be placed in a special fund for the purposes of
the Maryland Insurance Development Fund.]

DRAFTER'S NOTE:

Error: Obsolete language in Article 48A, § 208(a).

Occurred: The Maryland Insurance Development Fund has not existed since
the Federal Urban Property Protection and Reinsurance Act of 1968, as
amended, terminated on September 30, 1985. Chapter 11, Acts of 1987,
repealed Article 48A, § 478E, which created the Fund, but failed to repeal all
references to the Fund.

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