Ch. 11

1996 LAWS OF MARYLAND

AS A CONDITION OF ITS AUTHORITY TO TRANSACT INSURANCE BUSINESS IN
THE STATE, EACH MEMBER INSURER MUST BE AND REMAIN A MEMBER OF THE
CORPORATION.

(C)     PLAN OF OPERATION; BOARD OF DIRECTORS.
THE CORPORATION SHALL:

(1)      PERFORM ITS FUNCTIONS IN ACCORDANCE WITH THE PLAN OF
OPERATION ESTABLISHED AND APPROVED UNDER § 9-410 OF THIS SUBTITLE; AND

(2)      EXERCISE ITS POWERS THROUGH THE BOARD OF DIRECTORS
ESTABLISHED UNDER § 9-406 OF THIS SUBTITLE.

(D)     ACCOUNTS.

FOR ADMINISTRATION AND ASSESSMENT PURPOSES, THE CORPORATION
SHALL MAINTAIN:

(1)      THE HEALTH INSURANCE ACCOUNT;

(2)      THE LIFE INSURANCE ACCOUNT; AND

(3)      THE ANNUITY ACCOUNT.

(E)      SUPERVISION BY COMMISSIONER; SUBJECT TO INSURANCE LAWS.

THE CORPORATION IS UNDER THE IMMEDIATE SUPERVISION OF THE
COMMISSIONER AND SUBJECT TO THE APPLICABLE INSURANCE LAWS OF THE
STATE.

(F)      POWERS, PRIVILEGES, AND IMMUNITIES.

EXCEPT AS OTHERWISE PROVIDED IN THIS SUBTITLE, THE CORPORATION HAS
PERPETUAL EXISTENCE AND THE POWERS, PRIVILEGES, AND IMMUNITIES GRANTED
BY THE APPLICABLE PROVISIONS OF THE CORPORATIONS AND ASSOCIATIONS
ARTICLE.

(G)     INDEPENDENT FROM STATE.

(1)      THE CORPORATION IS NOT AND MAY NOT BE DEEMED A
DEPARTMENT, UNIT, AGENCY, OR INSTRUMENTALITY OF THE STATE FOR ANY
PURPOSE.

(2)      ALL DEBTS, CLAIMS, OBLIGATIONS, AND LIABILITIES OF THE
CORPORATION, WHENEVER INCURRED, SHALL BE THE DEBTS, CLAIMS,
OBLIGATIONS, AND LIABILITIES OF THE CORPORATION ONLY AND NOT OF THE
STATE OR THE STATE'S AGENCIES, INSTRUMENTALITIES, OFFICERS, OR EMPLOYEES.

(H) MONEYS OF CORPORATION; GENERAL FUND APPROPRIATIONS.

(1) THE MONEYS OF THE CORPORATION ARE NOT PART OF THE
GENERAL FUND OF THE STATE.

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