PARRIS N. GLENDENING, Governor

H.B. 30

(c) The Board of Trustees of the Fund shall consist of [11] 12 13 persons,
selected as follows. The Executive Director is a member of the Board of Trustees, and,
except as provided in subsection (b), has the power to vote. [Five] SIX SEVEN members
shall be appointed by the Governor with the advice and consent of the Senate, and serve
at the pleasure of the Governor. Five members shall be appointed by the Board of
Directors of the Industry Automobile Insurance Association in accordance with § 243M.
Two AT LEAST 3 of the 5 Industry Automobile Insurance Association members shall be
residents of this State. The Chairman of the Board of Trustees shall be selected by the
Board of Trustees. However for each successive term, the chairmanship shall alternate
between a gubernatorial appointee and an Industry Automobile Insurance Association
appointee. The Executive Director may not be Chairman of the Board of Trustees. The
Board of Trustees shall advise the Executive Director with respect to his exercise of the
powers and duties conferred on him by this subtitle. The Board of Trustees shall
formulate policy for the Fund. Each trustee who is not otherwise an officer or employee
of the State shall receive per diem compensation set by the Board of Public Works for
each day actually engaged in the discharge of his official duties as a trustee, and each
trustee shall receive reimbursement for all necessary and proper expenses.

243A.

(a) All moneys collected pursuant to this section, and all other funds collected by
or on behalf of the Fund, whether through premiums, earnings from investments, or
otherwise, shall be managed and invested by the Fund through a financial management
committee composed of the Executive Director and two members of the Board of
Trustees to be selected by the Board. One of the committee members from the Board of
Trustees shall be selected from the members appointed by the Governor, and one shall be
selected from the members appointed by the Industry Automobile Insurance Association.
All operating expenses of the Fund shall be paid from such revenues. The account of the
Fund shall be a special fund account, and shall not be deemed part of the treasury of the
State. The State shall not provide general fund appropriations to the Fund; and the debts
and obligations of the Fund shall not be deemed in any manner to be a debt of the State
or a pledge of its credit.

[(b) (1) On or before March 15th of each calendar year, commencing in 1984,
the Board of Trustees of the Fund shall certify to the Board of Directors of the
Association the actual operating loss, if any, sustained by the Fund for the immediately
preceding calendar year, on a cash or statutory accounting basis, whichever is greater.
The annual insufficiency so certified shall not include any insufficiency assessment
moneys received or any inter-division transfers of moneys within the . Fund. The
certification of operating loss shall separately identify commercial automobile loss,
private passenger automobile loss, and the aggregate of the two beginning with calendar
year 1986 losses, if any.]

(B) (1) ON OR BEFORE MARCH 15 OF EACH YEAR, THE FUND SHALL
DETERMINE AND THE BOARD OF TRUSTEES OF THE FUND SHALL CERTIFY TO THE
BOARD OF DIRECTORS OF THE ASSOCIATION THE INFORMATION REQUIRED UNDER
PARAGRAPHS (2) AND (3) OF THIS SUBSECTION.

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