H.B. 30

VETOES

(2)      SUBJECT TO PARAGRAPH (6) OF THIS SUBSECTION, THE FOLLOWING
INFORMATION CERTIFIED TO THE BOARD OF DIRECTORS SHALL BE SEPARATELY
IDENTIFIED BY COMMERCIAL AUTOMOBILE AND PRIVATE PASSENGER
AUTOMOBILE RESULTS:

(I)      THE STATUTORY OPERATING LOSS FOR THE IMMEDIATELY
PRECEDING CALENDAR YEAR; AND

(II)     A CALCULATION TO YIELD AN ASSESSMENT LIMIT THAT IS
DETERMINED BY SUBTRACTING THE YEAR-END SURPLUS OF THE FUND FOR THE
IMMEDIATELY PRECEDING CALENDAR YEAR FROM AN AMOUNT EQUAL TO 25% OF
THE AVERAGE OF NET DIRECT WRITTEN PREMIUMS OF THE FUND FOR EACH OF
THE THREE IMMEDIATELY PRECEDING CALENDAR YEARS.

(3)      THE ASSESSMENT CERTIFIED TO THE BOARD OF DIRECTORS SHALL
BE EQUAL TO:

(I)       SUBJECT TO PARAGRAPH (4) OF THIS SUBSECTION, THE
ASSESSMENT LIMIT, IF THE ASSESSMENT LIMIT IS LESS THAN OR EQUAL TO THE
STATUTORY OPERATING LOSS; OR

(II)     THE STATUTORY OPERATING LOSS, IF THE ASSESSMENT LIMIT
IS GREATER THAN THE STATUTORY OPERATING LOSS.

(4)      IF THE CALCULATION UNDER PARAGRAPH (2)(II) OF THIS
SUBSECTION. YIELDS A NUMBER THAT IS LESS THAN OR EQUAL TO ZERO, THE
ASSESSMENT LIMIT IS ZERO.                                                    

(5)      THE STATUTORY OPERATING LOSS OR THE ASSESSMENT CERTIFIED
TO THE BOARD OF DIRECTORS MAY NOT INCLUDE:

(I)       ANY ASSESSMENT MONEYS RECEIVED FOR ANY PRIOR YEAR;
OR

(II)     ANY MONEYS TRANSFERRED BETWEEN THE COMMERCIAL
AUTOMOBILE AND PRIVATE PASSENGER AUTOMOBILE DIVISIONS WITHIN THE
FUND.

(6)    IN ANY CALCULATION MADE UNDER THIS SUBSECTION, INCOME OR
EXPENSES NOT CLEARLY ATTRIBUTABLE TO EITHER COMMERCIAL AUTOMOBILE
OR PRIVATE PASSENGER AUTOMOBILE MAY BE ALLOCATED PRO RATA FOR THAT
YEAR.

[(2)](7) Following receipt of the certified [actual operating loss]
ASSESSMENT for an immediately preceding calendar year, the Board of Directors of the
Association shall promptly assess and collect from all member companies their pro rata
shares of the certified [loss] ASSESSMENT, commercial and private passenger,
respectively, calculated pursuant to § 243M of this article. On or before June 30 of each
such year, the Association shall pay the [insufficiency] CERTIFIED assessment into the
respective insufficiency assessment reserve fund pursuant to § 243M of this article.

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