PARRIS N. GLENDENING, Governor

Ch. 11

BY MARCH 30 OF EACH YEAR, THE BOARD OF DIRECTORS SHALL SUBMIT TO
THE COMMISSIONER A FINANCIAL REPORT FOR THE PRECEDING CALENDAR YEAR
IN THE FORM THAT THE COMMISSIONER APPROVES.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 514.

In subsection (b) of this section, the phrase "to the Commissioner" is added to
clarify that the financial report is required to be submitted to the
Commissioner.

. Defined terms: "Commissioner" § 1-101
"Corporation" § 9-301

9-312. EXEMPTION FROM PAYMENT OF FEES AND TAXES.

EXCEPT FOR TAXES ON REAL OR PERSONAL PROPERTY, THE CORPORATION IS
EXEMPT FROM THE PAYMENT OF ALL FEES AND TAXES LEVIED BY THE STATE OR A
SUBDIVISION OF THE STATE.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 515.

Defined term: "Corporation" § 9-301
9-313. RECOUPMENT OF ASSESSMENTS PAID BY MEMBER INSURERS.

THE RATE AND PREMIUM CHARGED FOR A POLICY OR SURETY BOND TO
WHICH THIS SUBTITLE APPLIES:

(1)      SHALL INCLUDE AN AMOUNT SUFFICIENT TO RECOUP, OVER A
REASONABLE LENGTH OF TIME OF NOT LESS THAN 3 YEARS, THE AMOUNT PAID TO
THE CORPORATION BY THE MEMBER INSURER LESS ANY AMOUNT RETURNED TO
THE MEMBER INSURER BY THE CORPORATION; AND

(2)      MAY NOT BE CONSIDERED EXCESSIVE BECAUSE THE RATE AND
PREMIUM CONTAIN AN AMOUNT REASONABLY CALCULATED TO RECOUP
ASSESSMENTS PAID BY THE MEMBER INSURER.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 516.

Defined terms: "Corporation" § 9-301
"Member insurer" § 9-301
"Policy" § 1-101
"Premium" § 1-101
"Surety bond" § 9-301

9-314. IMMUNITY FROM LIABILITY.
(A) IN GENERAL.

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